Perennial leads consortium to acquire AXA Tower for S$1.17b

Singapore

PERENNIAL Real Estate Holdings Limited (PREH) has syndicated a consortium of investors to acquire AXA Tower at a property purchase price of S$1.17 billion, translating to S$1,735 per square foot (psf) of net lettable area.

PREH's 31.2 per cent equity investment in the property amounts to about S$117.9 million. Its major shareholder Kuok Khoon Hong, a Singapore business tycoon who is also Wilmar International's chairman and CEO, will take up another 10.1 per cent interest in AXA Tower.