China's Hopu teams up to take Perennial Real Estate private: report

It has secured undertakings from about 82% of Perennial’s shareholders.

Chinese buyout firm Hopu is partnering with key shareholders of Singapore-listed real estate and healthcare firm Perennial Real Estate Holdings, including Wilmar International and its CEO, to take Perennial private in a deal that values it at $1.58b (US$1.13b), according to a report from Reuters.

The consortium, which includes firms owned by entrepreneur Ron Sim and Perennial’s CEO, said that the offer comes at a time when the COVID-19 pandemic has roiled the global economy.

The acquirer said it has secured undertakings from about 82% of Perennial’s shareholders, and that Hopu will provide funding to purchase the rest of Perennial’s shares from the non-consortium shareholders.

Perennial’s China assets under development accounted for about 42% of its total property portfolio value as of end-2019.

“By privatising Perennial together with Hopu, the consortium believes Perennial will be able to secure a new long-term capital partner and tap on the track record and experience of HOPU and its affiliates,” the consortium added.

Here’s more from Reuters.

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