Perennial, SPH consortium to sell half stake in AXA Tower to Alibaba

Singapore

A CONSORTIUM led by Perennial Real Estate will divest a half stake in Grade A office building AXA Tower to a subsidiary of Chinese e-commerce giant Alibaba Group Holding.

The consortium will also transfer half of an outstanding shareholders' loan to the subsidiary, Alibaba Singapore, Perennial Real Estate said on Wednesday without disclosing the size of the loan.

The consideration payable for the 50 per cent equity interest will be calculated based on the net asset value of Perennial Shenton Holding Pte Ltd (PSHPL) - which indirectly owns AXA Tower - at the deal's close, and based on an agreed property value of S$1.68 billion.

Meanwhile, the consideration for the loan will…

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