Vibrant taking majority stake in Cecil House
Transaction through 51% owned firm values the property at $110m
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Kalpana Rashiwala
CECIL House is changing hands, through a sale of shares in the company that owns the property. The deal values the 11-storey office block on a site with a balance lease term of about 66 years, at $110 million.
Vibrant Group, formerly known as Freight Links Express, is teaming up with DB2 Group to purchase Cecil House from Cheong Sim Lam, whose family developed International Plaza in the 1970s.
In a filing with the Singapore Exchange yesterday, Vibrant said it has subscribed for a 51 per cent stake in the share capital of Shentoncil Pte Ltd, which has entered into a sale and purchase agreement with Mr Cheong to acquire 100 per cent of the share capital of Ececil Pte Ltd, the owner of Cecil House.
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