Tuesday, October 10, 2006
[RealEdge] BT : GRP to sell Bukit Batok property to Aussie firm for $18m
| Published October 10, 2006  | |
| GRP to sell Bukit Batok property to Aussie firm for $18m
By WONG WEI KONG
GRP Ltd has agreed to sell its Bukit Batok property for $18 million in a sale-and-leaseback deal with an Australian party. The company said yesterday that it has accepted the terms of a letter of interest from a company listed on the Australian Stock Exchange for the sale of its leasehold interest in the property to a wholly owned unit of the Australian firm. Under the agreement, GRP will lease the property from the purchaser for a term of three years. The annual rental for the proposed leaseback is $1.4 million, subject to an escalation of 1.5 per cent per annum. The proposed sale is subject to several conditions, including the approval of the Housing and Development Board as well as the listing of the purchaser - which could be established as a real estate investment trust - on the Singapore Exchange, if relevant. The date of completion of the sale will be the earlier of April 30, 2007, or the date of the listing of the purchaser, if applicable. The transaction is also subject to the approval of GRP shareholders. GRP and the purchaser will execute a formal contract of sale at the end of the due diligence process. GRP's main activities include marine hoses, measuring instruments and industrial and commercial property leasing. |
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
