SINGAPORE (Jan 26): Perennial Somerset Investors (PSIPL), a consortium led Perennial Real Estate Holdings (Perennial), has agreed to divest a 70% stake in TripleOne Somerset to Simply Swift Limited, an indirect wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings.

PSIPL is the sole owner of TripleOne Somerset, a 17-storey office-integrated landmark development located in Singapore’s Orchard Road precinct.

Perennial Real Estate Holdings (Perennial), which holds a 50.2% in TripleOne Somerset , through PSIPL, is divesting 20.2% of its stake for a pre-tax gain of $34.3 million. Perennial will continue to retain 30% after the transaction.

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