Many ways for Oxley to exit its Chevron House investment

SINCE the start of this year, Oxley has unveiled a few divestments. On Jan 21, the group announced the sale of two offices blocks (Blocks 4 and 5) of its Dublin Landings project in Ireland for a total of 204 million euros (or S$315 million). This was followed by the announcement on Jan 28 of a proposed sale in parts of two residential blocks (Blocks B and E) in the same development for 175.5 million euros.

Earlier in the same month, on Jan 10, Oxley revealed that it had accepted a non-binding letter of intent for the purchase of the Mercure and Novotel hotels along Stevens Road for S$950 million.

Completion of the above transactions is expected to help Oxley - one of the most highly geared property groups listed on the Singapore bourse - to lower its net gearing ratio to about two times from the high of 2.55 times as at Dec 31, 2018.