Alibaba Singapore buys stake in $1b tower

Alibaba Singapore, part of Alibaba Group Holding, has acquired a 50 percent stake in AXA Tower from Perennial Real Estate Holdings through Perennial Shenton Investors, a Perennial-led entity comprising a consortium of investors.

Under the terms of the share purchase agreement, Alibaba Singapore will acquire a 50 percent stake in Perennial Shenton Holding Pte. Ltd., which indirectly owns AXA Tower, and the transfer of 50 percent of the shareholders’ loan outstanding, based on an agreed property price of S$1.68 billion ($1.18 billion).

“Investors have remained optimistic throughout this uncertain environment and stayed active in their pursuit of core assets in Singapore. This transaction will provide a confidence boost to the Singapore market and reaffirm investor appetite for CBD assets,” said Ting Lim, executive director, head of capital markets, Singapore, JLL, who acted as the exclusive capital markets adviser to Alibaba Singapore.

AXA Tower, located a