ARA Asset completes acquisition of Suntec Convention Centre
Written by Bloomberg
Wednesday, 30 September 2009 21:25
ARA Asset Management, part of Li Ka-Shing’s Cheung Kong group of companies, said it completed the $235 million acquisition of Suntec Singapore International Convention & Exhibition Centre. The ARA Harmony Fund is a joint venture with Suntec Real Estate Investment Trust and other private investors, ARA Asset said in a statement to the Singapore stock exchange today. Suntec Reit funded its 20% investment in ARA through US$25 million ($35.4 million) three-year fixed-rate notes with an interest rate of 3.55% per annum, due Sept 2012, Suntec Reit and ARA said in a joint statement issued to the exchange.  Suntec Singapore has 1 million square feet of floor space in Singapore’s downtown Marina Bay area.