22-01-2020, 07:39 PM
Proposed Acquisition of Properties in Auckland, New Zealand
The Hour Glass Limited announced that The Hour Glass (NZ) Limited ("THGNZ"), a wholly-owned subsidiary of the Company, has entered into the following sale and purchase agreements (each, an "SPA" and collectively, the "SPAs"):
(i) an SPA with Immeuble Blacketts Limited (as vendor), for the acquisition of a freehold property located at 90-92 Queen Street, Auckland, New Zealand; and
(ii) an SPA with Securities House Trustee Limited (as vendor) for the acquisition of a freehold property located at 112-116 Queen Street, Auckland, New Zealand.
The Properties are located in Auckland’s prime luxury retail precinct and benefit from a high volume of passing pedestrian traffic. Both Properties are presently tenanted.
The aggregate consideration for the purchase of the Properties is NZ$60.0 million (approximately S$54.0 million). The Purchase Consideration was arrived at on a willing-buyer and willing-seller basis, based on THGNZ’s assessment of the Properties’ values having regard to their prime locations. The Purchase Consideration will be funded by internal resources and bank borrowings. A deposit of NZ$$6.0 million in aggregate has been paid and the balance of the Purchase Consideration is payable in full on completion of the sale and purchase of the Properties pursuant to the respective SPAs, which is expected to be effected by February 2020.
The Properties will provide the Group with the opportunity to develop and strengthen the Group’s footprint in New Zealand over time.
More details in https://links.sgx.com/FileOpen/Proposed%...eID=594162
The Hour Glass Limited announced that The Hour Glass (NZ) Limited ("THGNZ"), a wholly-owned subsidiary of the Company, has entered into the following sale and purchase agreements (each, an "SPA" and collectively, the "SPAs"):
(i) an SPA with Immeuble Blacketts Limited (as vendor), for the acquisition of a freehold property located at 90-92 Queen Street, Auckland, New Zealand; and
(ii) an SPA with Securities House Trustee Limited (as vendor) for the acquisition of a freehold property located at 112-116 Queen Street, Auckland, New Zealand.
The Properties are located in Auckland’s prime luxury retail precinct and benefit from a high volume of passing pedestrian traffic. Both Properties are presently tenanted.
The aggregate consideration for the purchase of the Properties is NZ$60.0 million (approximately S$54.0 million). The Purchase Consideration was arrived at on a willing-buyer and willing-seller basis, based on THGNZ’s assessment of the Properties’ values having regard to their prime locations. The Purchase Consideration will be funded by internal resources and bank borrowings. A deposit of NZ$$6.0 million in aggregate has been paid and the balance of the Purchase Consideration is payable in full on completion of the sale and purchase of the Properties pursuant to the respective SPAs, which is expected to be effected by February 2020.
The Properties will provide the Group with the opportunity to develop and strengthen the Group’s footprint in New Zealand over time.
More details in https://links.sgx.com/FileOpen/Proposed%...eID=594162