Somerset Holdings Sells London Project for $25.6 Million
Somerset Holdings, through its subsidiary Stanhope Holdings, has sold a substantial part of its interest in its Stanhope Gardens project in London for £9.4 million (about S$25.6 million). The transaction will result in an extraordinary gain of S$6.4 million for the company for the current financial year.
The sale to Monteagle Barlow Trust Limited includes four freehold apartments at Stanhope Gardens, two freehold properties at Cromwell Road, a leasehold apartment at Stanhope Gardens and related equipment. The transaction also includes the sale of shares in companies related to the properties.
The divestment is in line with Somerset Holdings strategy to focus on its core serviced residence and retail property business.
The Stanhope Gardens project forms part of its S$415 million worth of non-core assets to be substantially disposed over the next two years. The funds from the divestments will be used to pay down debts and strengthen the quality of Somerset Holdings' core assets.
Somerset Holdings is a leading owner and manager of serviced residences and retail properties in the Asia Pacific region.
The company is the hospitality and retail subsidiary of Pidemco Land, and is publicly listed in Singapore. Somerset Holdings owns or manages 3,200 serviced residence units and about 300,000 square metres of retail space in the Asia Pacific.
Ida Lim, Vice President
Investor Relations & Corporate Communications
Tay Cheng Cheng, Assistant Manager
Issued by: Somerset Holdings Limited