Withers KhattarWong LLP, the Singapore office of international law firm Withers, is acting for BP-Braddell LLP in the divestiture of the 30-year leasehold industrial property named "351 Braddell" to Boustead Industrial Fund for a consideration of S$121 million. "351 Braddell" is a seven-storey smart industrial development designed and built by Boustead Projects E&C Pte Ltd., and recently completed. Its major tenants include NETS, Secretlab and Electrolux. The deal will be completed subject to the fulfilment of the relevant closing conditions on both sides. BP-Braddell LLP is a joint venture vehicle of Boustead Projects Limited (BPL) and The Platform-Hanwha ARESF Fund No 1.
The Withers KhattarWong team acting for BP-Braddell LLP on the deal comprises Singapore-based real estate and banking partner Kenneth Szeto, senior associate John Tan and associate Zhou Tiancheng.
Referring to Boustead Projects Limited's media release, Mr Wong Yu Wei, Executive Deputy Chairman of Boustead Projects said, "351 on Braddell is the first property to be injected into the Boustead Industrial Fund (BIF) after its successful launch in March 2021. This transaction represents our ongoing strategy to grow BIF through the injection of stabilised assets and demonstrates our deep commitment as a strong Sponsor. This sale will also allow Boustead Projects to continue to develop its new fund management business capabilities, maintain disciplined capital recycling and build recurring income streams."
Kenneth Szeto comments, "We are proud to support our longstanding client BPL on the 351 Braddell project, right from the initial land site acquisition tender, through to the land and construction loan facilities to finance the project, and now this strategic divestiture to BIF. We are pleased to continue to play a part in the BIF growth story."