Low Keng Huat acquiring 20% stake in AXA Tower

Singapore

LOW Keng Huat (Singapore) Limited (LKHS) said that it is acquiring a 20 per cent stake in AXA Tower as part of the consortium led by Perennial Real Estate Holdings Limited (PREH) to acquire the property for an aggregate S$1.17 billion or S$1,735 per square foot (psf) of net lettable area (NLA).

LKHS said on Monday that its wholly owned unit Huatland Development Pte Ltd (HDPL) executed a letter of participation for the acquisition of a 20 per cent stake in an entity that will be acquiring AXA Tower located at Shenton Way. "The transaction represents an opportunity for the LKHS Group to acquire a significant equity stake in a property which provides a strong upside potential," the group said.