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United Engineers Ltd Plan To Sell Business Park Property To Viva Industrial Trust For SGD518 Million-DJ


Thursday, 4 Jul 2013 06:22am EDT 

Dow Jones reported that United Engineers Ltd said that it plans to sell a mixed-use industrial development to the proposed Viva Industrial Real-Estate Investment Trust for SGD 518 million ($407 million). In a filing to the Singapore Exchange, United Engineers said its property unit has signed a conditional agreement to sell UE BizHub East comprising two business-park buildings, a 251 room hotel and a convention center to Viva Industrial Trust Management Pte. Ltd., the manager of the proposed REIT. If the sale goes through, United Engineers would get the right to subscribe to 5% of stapled securities to be sold by Viva Industrial REIT in its planned initial public offering. The conglomerate would also be granted the right to subscribe for a 10% stake in the REIT's managers. The deal is subject to conditions including the listing of the proposed Viva Industrial REIT. United Engineers didn't specify when the REIT's IPO might take place. 

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2.36
-0.02 -0.84%
11 Jul 2014