Singaporean UOL, UIC buy out Marina Bay partners for S$675m

Singapore-listed United Industrial Corporation (UIC) and its parent company UOL have taken control of the Marina Square Shopping Mall and Marina Mandarin Hotel in Singapore in a deal worth S$675.3m (US$499.3m).

UIC agreed to buy a combined 24.7% stake from Singaporean property group OUE and two other vendors in Marina Centre Holdings (MCH) for S$485.3m, according to a regulatory announcement.

MCH is a subsidiary of UIC and owns investments in the Marina Square retail and commercial complex, which comprises the Marina Square Shopping Mall and the Marina Square hotels.

At the same time, MCH also bought a 25% interest in Aquamarina Hotel Private Limited (AHPL) from a subsidiary of OUE for S$190m.

AHPL, which is a joint venture between MCH and UIC, owns the Marina Mandarin Singapore, one of the hotels located in the Marina Square retail and commercial complex.

Following the MCH deal, UIC will own 77.34% of MCH shares while UOL will own its outstanding shares.

The AHPL transaction will see MCH own 75% of AHPL with the remaining shares owned by a subsidiary of OUL.

UIC is a property developer and owns a portfolio of 2.5m sq.ft. of office space and 1m sq.ft. of retail in Singapore.

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Benn is a freelance journalist and the publisher of APAC Real Estate. He has reported for the Herald Sun, REFI Europe, S&P Global Market Intelligence, Leader Newspapers, and more.