Oxley: Acquires 66 East Coast Rd through collective purchase at the price of $76.1m The property is a freehold 7-storey commercial property comprising office units. The site is approx 2.1k sqm and co intends to redevelop property after obtaining approval from authorities. The acquisition is approx 15.3% of co's mkt cap and co will fund the acquisition through internal resources and bank borrowings.
Note that co has $142.1m in net assets and has liability-to-asset ratio of 84.8%. The bulk of it is in other financial liabilities which consist of bank loans secured by sh/h guarantees. Oxley is trading a P/B of 3.9x, significantly higher than its smaller developer peers which are below book.
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