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Perennial Real Estate buys Pontiac Land’s stake in The Capitol

By Angela Teo

/ EdgeProp |

March 14, 2018 7:19 PM SGT

Singapore real estate and healthcare company Perennial Real Estate Holdings is acquiring joint venture partner and real estate company Pontiac Land’s stake in The Capitol for $129.6 million.

As part of the sale and purchase agreement, Perennial will pay back with interest a $369 million loan that Pontiac Land made to entities holding The Capitol. Perennial will also make ancillary payments of $3 million to Pontiac Land’s hospitality entity Patina Hotels and Resorts.

The Capitol is a mixed-use development at Stamford Road in Singapore’s civic and cultural district. It includes a residential component, the 39-unit Eden Residences Capitol, the 157-unit boutique hotel The Patina, Capitol Singapore, luxury retail component Capitol Piazza and the Capitol Theatre.

(Credit: Samuel Isaac Chua/The Edge Singapore)

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