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.

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.