DBS Group sells Singapore’s PwC building to Manulife Financial Corporation for S$358 million
DBS Group Holdings announced that its wholly-owned subsidiary, DBS Bank Ltd.has agreed to sell its entire equity interest in DBS China Square Limited to an indirect subsidiary of Manulife Financial Corporation for approximately S$358 million in cash.
DCS owns a 28-storey office building at 8 Cross Street, Singapore 048424 known as “PwC Building”.The building was constructed by DCS in 1999, and is currently held for investment purpose.
The Consideration was arrived at on a “willing-buyer willing-seller” basis and takes into account the unaudited book value of DCS as at 31 December 2016 adjusted based on an agreed property value of S$747 million for the building as well as the repayment by the Purchaser of the shareholder’s loan of S$402.6 million to DCS. The Consideration is subject to certain post-completion adjustments which are not expected to be material.
The Sale is expected to be completed by the end of March 2017.
Source: DBS Group