Australia-based Allco Finance Group has sold its entire 100% interest in the manager of Singapore-listed Allco Commercial Real Estate Investment Trust, as well as its 17.7% stake in the Reit itself, for a total of S$180 million $132 million. The deal, which will bring some much needed cash to the financially troubled seller, marks the first change of effective control of a Singapore Reit and follows speculation of potential acquisition activity within the sector in recent months.
The buyer is Singapore-based property company Frasers Centrepoint Limited FCL, which sources say beat at least two other interested parties in a limited auction. In a release announcing the deal yesterday morning, FCL said the acquisition...
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