City Developments acquires Centro Investment Holding

City Developments building and Lau Pa Sat food court in Singapore’s central business district (CBD); taken October 2018.City Developments building and Lau Pa Sat food court in Singapore’s central business district (CBD).

City Developments said on Tuesday that its wholly owned subsidiary Central Mall acquired all of Centro Investment Holding, or CIH, for a total consideration of around S$29.3 million.

The shares were acquired from Golden Crest Holdings, which is a joint venture between City Development’s indirect wholly owned subsidiary, Bestro Holdings, and an unrelated party, Golden Spot, it said in a filing to SGX after the market close on Tuesday.

Bestro Holdings holds 80 percent of the Golden Crest joint venture, while Golden Spot holds 20 percent, it said.

The transaction consideration was the adjusted net asset value of CIH’s shares, including the assignment of an outstanding shareholders’ loan, it said.

After the acquisition, CIH and its wholly owned subsidiary, Centro Property Holding, have become wholly owned subsidiaries of City Developments, the filing said.

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