Perennial Real Estate mulling sale of Triple One Somerset | The Edge Markets: "SINGAPORE (Sept 3): Perennial Real Estate Holdings is exploring the sale of Triple One Somerset for around $2,700 to $2,800 psf, or around $1.55 billion for the entire building, The Edge Markets understands.
Perennial, the property group founded by Pua Seck Guan in 2009, owns 50.2% of the Triple One, which it acquired along with OSIM's founder Ron Sim, BreadTalk, SingHaiyi and Boustead for $983 million in Dec 2013. The consortium is spending $150 million on asset enhancement initiatives which will be completed in 2017.
If Triple One is transacted at $1.55 billion, the sale will give its shareholders a $570 million gain.
For Perennial, this translates into a 7.4% gain to its net asset value (NAV) of $1.695 per share.
Perennial currently is trading at a 55% discount to its NAV. Analysts says the unusually large discount comes from its asset base, 38% of which comprises properties under development in China.
Perennial is trading 0.5% higher at 93 cents."
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