Singapore-based UOL pays $499m for Marina Bay project
Listed developer UOL and its subsidiary, United Industrial Corp. (UIC), have agreed to pay S$675.3 million ($499.26 million) to take 100 percent ownership of the Marina Square shopping center and the Marina Mandarin hotel in Singapore.
The seller was OUE, formerly an affiliate of UOL, and two privately held companies, Finnegan Investments Ltd. and Mackmoor Pte Ltd.
The deal also involves the holding company for the retail center agreeing to acquire OUE’s 25 percent holding in the Marina Mandarin Hotel.
Marina Square mall will then be owned jointly by UIC and parent UOL Group.
UIC president and chief executive Lim Hock San said, in a statement, that the full control acquisition offers “the opportunity to capitalize on the Marina Centre precinct’s growth potential, consistent with our long-term investment strategy.”