Perennial and SPH raise stakes in partnership holding Chinatown mall (Amended)

PERENNIAL Real Estate Holdings and Singapore Press Holdings (SPH) have bought an additional 60 per cent of a partnership holding Chinatown Point mall and four strata office units above it for a cash consideration of S$92.6 million.

Perennial's effective stake rose from 5.15 per cent to 45.15 per cent.

SPH's stake rose from 7.35 per cent to 27.35 per cent.

Other investors in the partnership include NTUC FairPrice Co-Operative and some other private investors.

Perennial last traded at S$0.82, and SPH, S$3.70.

Amendment note: The article above has been revised to reflect how the investment was in a partnership owning four strata office units, in addition to the retail mall.