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Adia offloads majority stake in Singapore’s PLQ Mall: The Abu Dhabi Investment Authority (Adia) sold its 70% stake in Singapore’s SGD 679 mn (c. USD 497 mn) Paya Lebar Quarter (PLQ) Mall to Lendlease Global Commercial REIT, according to a press release picked up by Zawya. The sale was executed through PLQM Trust, which holds full ownership of the property. Though the transaction value was not disclosed, it saw PLQ Mall valued at SGD 885 mn (c. USD 680.2 mn).
We knew this was coming: Back in September, Adia was reportedly preparing to divest its stake in PLQ Mall — which includes three Grade A office towers and more than 340k sq ft of retail space — valued at upward of USD 1 bn at the time. Lendlease Group, which owns the remaining 30%, had been working with Adia on the sale, according to CEO Tony Lombardo.
Portfolio expansion for Lendlease: The acquisition marks Lendlease REIT’s largest retail agreement to date and will lift its total asset value to SGD 3.9 bn (USD 3 bn) once completed.
Adia is a big investor in Singapore: In August, the UAE wealth fund announced plans to invest up to USD 1.5 bn in Singapore-based global investment manager GLP to support its regional expansion.
ALSO FROM ADIA-
Adia was reportedly among the buyers of a 3.45% stake in RBL Bank recently sold by India-based conglomerate Mahindra & Mahindra, according to Moneycontrol. The Indian conglomerate sold 21.1 mn shares at INR 320.7 each, marking a full exit from its holding in the private-sector Indian lender. The transaction is worth roughly INR 6.8 bn, according to our calculations.
The sale follows a surge in RBL Bank’s share price after RBL announced that Emirates NBD will launch its open offer for the Mumbai-listed bank’s public shares on Friday 12, December. Emirates NBD’s board approved a plan last month to acquire 51-74% of India’s RBL Bank through a USD 3 bn preferential share issuance, marking what would be the largest foreign investment in India’s financial sector.
Other buyers included global investors Goldman Sachs, Morgan Stanley, Citigroup Global, and Societe Generale, alongside leading Indian institutional investors including SBI Mutual Fund, Kotak Mahindra Mutual Fund, and HDFC Standard Life Ins.
