Isetan says no success in potential sale of Wisma Atria space
ISETAN (Singapore) said it had not gathered enough interest from investors to purchase its space at the Wisma Atria shopping mall on Orchard Road.
The department store operator had in July started an expressions of interest exercise to gather interest from target investors, but the exercise has since "run its course without yielding a positive outcome for the matter to proceed further at this juncture", it said on Wednesday (Dec 15).
The company will continue to explore all other opportunities that can lead to a better yield for the property, including any possible future sales, it added.
Back in January, Isetan had disclosed that it was "exploring its options" regarding its space at Wisma Atria. Later in June, it appointed a marketing agent to size up market interest for the property, as well as to commence exploratory discussions with third parties on the matter.
In a separate announcement on Thursday (Dec 16), the manager of Starhill Global Real Estate Investment Trust (Starhill Global Reit) said it "remains open to continue working with Isetan" to improve the space and explore acquisition opportunities.
The Reit owns about 74 per cent of the total share value of strata lots in Wisma Atria, according to its annual report for FY2021. Its manager had in 2019 issued an expression of interest to potentially acquire Isetan's share in Wisma Atria, but it was not clear what became of the matter since.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
At Thursday’s close, Isetan was trading at S$3.69, down 10.44 per cent.
Meanwhile, units of Starhill Global Reit closed up 2.34 per cent at S$0.655.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s Sinopec in talks for gas offtake, stake in Canada’s Cedar LNG
Chinese tariffs could leave cognac makers with too much brandy
Citi promotes Damien Tan to corporate banking head for Singapore
Coffee variety is priciest since 1970s in blow to instant brews
South Korea’s probe alleges 211.2 billion won of illegal short trades
RBNZ has limited scope to cut cash rate this year: OECD