![]() Independent financial adviser Deloitte & Touche Corporate Finance has said that the interested person transactions are on normal commercial terms and not prejudicial to the interests of Clas and its minority stapled security holders. ![]() Stapled security holders will have to vote to approve the transactions at an EGM to be convened on Oct 24 at 3pm. The managers expect to complete the proposed acquisitions by the fourth quarter of 2023. ![]() Meanwhile, its distribution yield is projected to rise to 5.5 per cent from 5.4 per cent. Upon completion, the property holding companies that own the three properties will enter into separate management agreements with certain Ascott wholly owned subsidiaries.Ĭlas is also expected to increase its total distribution by $13.5 million and its distribution per stapled security by 1.8 per cent on a financial year 2022 pro forma basis. The managers expect the total acquisition outlay to be around $378.6 million, comprising the purchase consideration of $357.8 million, a $5.3 million acquisition fee payable to the managers, and $15.5 million in estimated professional and other fees and expenses. The holding company that owns Ascott Kuningan Jakarta will be acquired for US$40 million (S$54.7 million) – based on a consolidated NAV of US$1.6 million, an agreed property value of 620 billion rupiah (S$54.1 million), and $50.7 million in shareholder loans from the Ascott as at May 31. The amount takes into account the hotel’s independent valuations. The consideration takes into account the holding company’s consolidated net asset value (NAV) of £62.2 million, an agreed property value of £215 million, and £54.1 million in shareholder loans extended by Ascott as at May 31.Ĭlas will acquire the 136-unit Temple Bar Hotel for a purchase consideration of €70 million – equal to the agreed property value. ![]()
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