General Announcement::PROPOSED ACQUISITION OF PROPERTY AND SUBSIDIARIES

Issuer & Securities

Issuer/ Manager
SINARMAS LAND LIMITED
Securities
SINARMAS LAND LIMITED - SG1E97853881 - A26
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
20-Jul-2015 18:23:09
Status
New
Announcement Sub Title
PROPOSED ACQUISITION OF PROPERTY AND SUBSIDIARIES
Announcement Reference
SG150720OTHRQX3G
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Sinarmas Land Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce that SML Alpha S.a r.l. ("SMLA"), a wholly-owned subsidiary of the Group, has entered into a sale and purchase agreement (the "Agreement") with (1) Resolution III Holdings S.a r.l., (2) K Agamemnon S.a r.l., and (3) Globecastle Limited (together, the "Sellers") relating to the purchase by SMLA and the sale by the Sellers of the entire issued share capital of:-

(i) Agamemnon S.a r.l., a private limited liability company incorporated in Luxembourg ("Agamemnon") comprising 31,250 shares of GBP120 each; and

(ii) Triton Court GP Ltd, a company incorporated in England and Wales ("GP") comprising 1 share of GBP1.00,

upon the terms and subject to the conditions set out in the Agreement (the "Proposed Acquisition").

Agamemnon and GP own 100% of the partnership interest in Finsbury Square (Triton Court 2012) Limited Partnership, a limited partnership registered in England and Wales ("Triton LP").

GP, together with its wholly-owned subsidiary, Triton Court Nominee (Newco) Limited ("Nominee"), are the legal owners, and Triton LP owns beneficial title to, the freehold property known as Alpha Beta Building (previously known as Triton Court), 14-18 (even), Finsbury Square, London EC2A 1BR (the "Property").

(Together, Agamemnon, GP, Triton LP and the Nominee are known as the "Target Group".)

The consideration for the Proposed Acquisition is estimated to be GBP258.7 million (equivalent to approximately SGD551.3 million), which shall be determined prior to completion of the Proposed Acquisition ("Completion") based on the net asset value of the Target Group, less adjustments (the "Purchase Price"). Completion is expected to take place in September 2015.

The Property is a freehold asset comprising of a completely refurbished office building of high quality Grade A accommodation on lower ground to eighth floors, with bicycle parking and storage available at basement level. The Property is strategically located on the eastern part of the city of London, entering into the Shoreditch area. It has a net leasable area of 243,850 square feet.

The Board of Directors of the Company is of the view that the proposed purchase of the Property, through the Proposed Acquisition, will strengthen the Group's portfolio of investment properties in London and further diversify its income streams which are derived principally from Indonesia.

The Purchase Price, submitted through an off-market offer, was determined taking into account various factors, including income factors and prices of comparable assets transacted in the city of London. A cash deposit of 5% of the estimated Purchase Price was paid upon signing of the Agreement, with the balance of the Purchase Price payable on Completion.

The Group intends to use internal sources of funds and external bank borrowings to finance the Proposed Acquisition.

Upon the completion of the Proposed Acquisition, Agamemnon, GP and the Nominee will become subsidiaries of the Group, and the Group will also own 100% of the partnership interest in Triton LP.


Note: The amount in SGD equivalent using the exchange rate as at 16 July 2015 of GBP1 = SGD2.131.


By Order of the Board
SINARMAS LAND LIMITED

Robin Ng Cheng Jiet
Director
20 July 2015