{"id":56566,"date":"2017-06-01T10:05:08","date_gmt":"2017-06-01T03:05:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/united-engineers-picked-perennial-for-final-talks-on-buyout\/"},"modified":"2017-06-01T10:09:05","modified_gmt":"2017-06-01T03:09:05","slug":"united-engineers-picked-perennial-for-final-talks-on-buyout","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/united-engineers-picked-perennial-for-final-talks-on-buyout\/","title":{"rendered":"United Engineers picked Perennial for final talks on buyout"},"content":{"rendered":"


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\nEdging out other suitors including SingHaiyi Group Ltd and KKR & Co., Perennial Real Estate Holdings Ltd is said to have been chosen by the largest shareholders of United Engineers Ltd to acquire the property group, reported Bloomberg citing people with knowledge of the matter.
\nIn fact, an agreement may be reached out as soon as this month for the century-old company, which has a market value of S$1.7 billion, said one of the people, who declined to be named as the information is private.
\nUnited Engineer\u2019s website shows that a buyer would gain a property portfolio that includes shopping centres such as Rochester Mall, mixed-use developments like UE BizHub City, condominiums as well as hotels and serviced apartments.
\nIn January, the biggest investors of United Engineers, Oversea-Chinese Banking Corp. (OCBC) including its insurance unit Great Eastern Holdings Ltd., said they are reviewing their stakes in the property group and its engineering subsidiary WBL Corp.
\nPrior to proceeding with an offer, Perennial \u2013 which owns stakes in projects such as the Chinatown Point retail and office complex as well as AXA Tower \u2013 asked for clarification from regulators on the procedures for a simultaneous acquisition of the investors\u2019 holdings in the two companies, revealed one of the people.
\nNotably, OCBC, Great Eastern and the financial institution\u2019s founding Lee family own over 30 percent of United Engineers. Under Singapore rules, acquiring their shareholdings will trigger a mandatory takeover offer for the property group.
\nThe people noted that a deal may be delayed or fall apart, bringing the possibility of the emergence of another buyer.
\n\u00a0
\nThis article was edited by Denise Djong.
\n\u00a0
\n\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…United Engineers picked Perennial for final talks on buyout<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Edging out other suitors including SingHaiyi Group Ltd and KKR & Co., Perennial Real...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-56566","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-eIm","jetpack-related-posts":[{"id":60606,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/yanlord-perennial-to-make-united-engineers-offer\/","url_meta":{"origin":56566,"position":0},"title":"Yanlord, Perennial to make United Engineers offer","date":"July 13, 2017","format":false,"excerpt":"\r United Engineers owns a large portfolio of properties including shopping centres, hotels and condominiums. (Photo: Wikimedia Commons) After securing clarifications on the procedures for making a simultaneous bid for two companies from Singapore\u2019s takeover council, a consortium including China-based developer Yanlord Land Group and Perennial Real Estate Holdings is\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43913,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-firms-among-uels-shortlisted-bidders\/","url_meta":{"origin":56566,"position":1},"title":"Singapore firms among UEL\u2019s shortlisted bidders","date":"February 13, 2017","format":false,"excerpt":"\r UEL\u2019s large portfolio of properties includes shopping centres, hotels and condominiums. 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