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Oxley Holdings agrees on S$660M acquisition of Chevron House in Singapore

Oxley Holdings Ltd. subsidiary Oxley Beryl Pte. Ltd. entered into an agreement with Deka Singapore A Pte. Ltd. to buy the 32-story Chevron House commercial building at 30 Raffles Place in Singapore for roughly S$660.0 million.

The skyscraper, which comprises 27 floors of office space and a five-story retail podium, has a net lettable floor area of 24,273 square meters and is anchored by oil giant Chevron.

In November, the Singapore-listed developer conducted due diligence on the property that Deka Immobilien acquired in November 2010 for approximately S$547 million from Goldman Sachs-managed funds.

Completion of Oxley Holdings' proposed acquisition of the asset is expected to take place March 29, 2018, with the company intending to finance the transaction using a combination of internal resources and bank loans.

As of Dec. 13, US$1 was equivalent to S$1.35.