SINGAPORE (EDGEPROP) - BBR Holdings has announced that its 25.05%-owned company Northernone Development has entered into a sale and purchase agreement (SPA) for the sale of Wisteria Mall for a price of approximately $208 million.

Read also: 74% of units at The Wisteria priced below $1 million

Wisteria Mall is being sold to UK private equity firm Schroders, according to reporting by Mingtiandi.

Wisteria Mall is the commercial component of mixed-use development The Wisteria, located in Yishun. The 99-year leasehold property was developed by Northern Retail, a wholly-owned subsidiary of Northernone Development. Northernone Development is a joint venture company led by BBR Holdings and Hexacon Construction along with Santarli Venture, MUSE Capital and AHPL (Investments). (Find Singapore commercial properties with our commercial directory)

The two-storey mall is located at the podium of the development. Three nine-storey towers with 216 apartment units make up the residential component.

Schroders will be acquiring the entire issued and paid-up capital in Northern Retail, and will also assume an outstanding loan extended by Northernone Development to Northern Retail.

The mall has a strata lot area of approximately 17,328 sq m (186,517 sq ft). It is currently tenanted by a mix of retail, supermarket, food court and other food and beverage shops. Khatib MRT station is a 10-minute walk away from the development.

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