Singapore property group UOL has sold a retail asset for S$375m (€250m) to local investors Kinex Time Square and Xiaohong Property Management.
SGX-listed UOL said the divestment of the 19,00sqm Kinex Centre asset in Paya Lebar was an opportunity to “unlock the value of its investments in Kinex” and was part of the group’s ongoing strategy to reconstitute its property portfolio.
Proceeds from the sale will provide UOL with greater financial flexibility for debt repayment, investments and other corporate requirements.
The sale is the latest in a series for divestments. Earlier this year UOL sold its ParkRoyal hotel in Yangon, Burma. It followed the sale of Parkroyal on Kitchener Road in Singapore to the Worldwide Hotels Group for S$525m in 2023.
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