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Oxley acquires 25.5% interest in Pindan Capital Berry for A$3.8m

OXLEY Holdings Limited has entered into a project development investment agreement to acquire a 25.5 per cent direct interest in Australian funds manager Pindan Capital Berry for A$3.825 million (S$4.136 million), the Singapore developer said in a release after market close on Thursday.

This is 25.5 per cent of the total issued capital of PC Berry of A$15 million.

The investment in PC Berry will be funded by internal resources, said Oxley.

PC Berry had also secured a land sub-division development known as Huntingdale Park located on Hitchcock's Lane in Berry, New South Wales, Australia, Oxley added.

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In order to fund the acquisition and develop Huntingdale Park, PC Investments had requested for a loan of A$10.725 million under a previously-agreed loan facility.

This loan facility was set up in December, when Oxley had granted a revolving loan facility of A$40 million to Pindan Capital to be applied in connection with property development projects undertaken by it or its subsidiaries.

These announcements come two months after Oxley acquired a 40 per cent interest in Pindan Group. PC Berry is the development company of Pindan.

Oxley's counter closed flat on Thursday at 47.5 Singapore cents.