TT International: Announced that it has signed an agreement with private equity real estate firm Lucrum Capital to invest at least $200m to complete a warehouse retail project in the island nation.
Grp has started exclusive discussions with Lucrum's for the proposed investment in the Big Box project, an eight-storey warehouse retail store gfa of approximately 1.3m sf to be built on a 5.6 ha plot of land at Jurong East.
According to the agreement, grp's interest in the project will be transferred to its wholly owned subsidiary Big Box, and Lucrum Dev will have the option to acquire up to 49% shareholding in the unit. TT International has invested S$95m the project, including acquiring the land and undertaking some foundation work, but construction was halted during the 2008-09 global financial crisis.
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