Perennial Real Estate Holdings Ltd. is looking to secure an indirect 60% stake in the company overseeing the development of a 1.6 trillion-rupiah residential project in Sentul City, Indonesia.
The Singapore-based company's Perennial SL Pte. Ltd. subsidiary will buy the entire stake in Sanctuary City Pte. Ltd. from an unrelated vendor for US$15.6 million. The target owns the 60% stake in PT Bhakti Bangun Harmoni, the developer of the 246,982-square-meter Sentul project. Local company PT Cipta Harmoni Lestari holds the remaining 40% in PT Bhakti Bangun.
The Sentul project will contain a minimum gross floor area of 147,000 square meters and more than 1,700 housing units.
According to a news release, Perennial will finance the transaction using a combination of external borrowings and internal funds.
As of May 31, US$1 was equivalent to 13,913.00 rupiah.
