A share purchase deal was struck between a group of investors headed by Perennial Real Estate Holdings, according to a press release issued on 6th of May. The transaction, which is valued at S$1.68 billion, is slated to close by the end of June 2020.
Alibaba Singapore, an affiliate of China e-commerce powerhouse Alibaba Group Holdings, has also received 50% of the outstanding loan.
The Perennial-led group paid S$1.17 billion for AXA Tower in 2015.
Perennial Newco and Alibaba Singapore would form a joint venture to rehabilitate AXA Tower once the acquisition is completed, which is scheduled to happen around June 2020.
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