Perennial-led consortium sells 70% stake in TripleOne Somerset for S$350m

PERENNIAL Real Estate Holdings has led a consortium of vendors to sell a 70 per cent stake in TripleOne Somerset to Hong Kong-listed Shun Tak Holdings for S$350 million.

Perennial, which will receive about S$101 million for the 20.2 per cent interest that it is selling, will retain a 30 per cent share in the office and retail development. The real estate developer said it will use its share of the proceeds to fund existing or future investments.

Also selling is SingHaiyi Group, which is completely divesting its 20 per cent stake for about S$100 million, and Boustead Projects, which is also selling its entire 5.5 per cent holding for about S$27.5 million. BreadTalk Group is fully exiting from its 5.3 per cent holding for S$26.5 million.