Wednesday, Sep 19, 2012
Overseas Union Enterprise Ltd. (LJ3.SG) may sell two of its properties--the Mandarin Orchard Singapore hotel and Mandarin Gallery shopping mall--after giving a potential buyer exclusivity in performing due diligence for the potential deal, the Business Times reported Wednesday citing unnamed sources.
Mandarin Orchard Singapore was valued at 1.18 billion Singapore dollars (US$963 million) at the end of 2011, while Mandarin Gallery was valued at S$520 million, the newspaper said.
U.S. property fund manager Pramerica may be partnering the Abu Dhabi Investment Authority to make a bid for the properties, the Business Times said, citing unnamed sources.
Full story: http://www.businesstimes.com.sg/premium/top-stories/sale-offing-mandarin-hotel-and-gallery-20120919
Write to djnews.singapore.bureau@dowjones.com
(END) Dow Jones Newswires
19-09-12 0225GMT
