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Epic Land proposes divestment of 7 strata office units in Prudential Tower
A CONSORTIUM, Epic Land, has executed a sale and purchase agreement (SPA) to sell six of its wholly-owned subsidiaries, which hold seven strata office units in Prudential Tower, to an unrelated third party.
The sale price will be determined based on the net asset value of the sale companies as at the completion date and will take into consideration the value of the properties, which is about S$130.07 million.
The completion is expected to be on or before Sep 20.
The purchaser will pay a deposit of some S$13 million following the signing of the SPA.
Lian Beng Group, KSH and KOP are among the companies which own Epic Land; their shareholdings are 32 per cent, 28 per cent and 25 per cent respectively.
Lian Beng said: "The proposed disposal is in line with one of the group's core business activities in property investments."
CBRE brokered the transaction.