Ho Bee Land divests Munich office asset, books gain of 44.8m euros on notes investment

Singapore

HO Bee Land on Thursday (Mar 17) announced that it had recently divested a commercial property known as Elementum located in Munich, Germany, booking an estimated gain on its notes investment of some 44.8 million euros (S$67.1 million) from the sale, said preliminary information from Credit Suisse AG (Singapore).

Back in March 2018, the company entered into an agreement with Credit Suisse AG (Singapore) where Ho Bee would invest up to 92 million euros through the acquisition of notes issued by a securitisation company called Clouse SA, Compartment 29.