UOL and SingLand in talks for acquisition of 50% stake in Sydney asset

The asset is an office and retail building.

UOL and Singapore Land (SingLand) are in "confidential discussions" about acquiring a 50% stake in an office and retail building in Sydney, Australia.

The companies made the announcement following reports from Australian media about the said acquisition.

"The discussions are ongoing, and no definitive terms or formal legal documentation have been agreed upon between the parties," the companies stated.

"Further, there is no certainty or assurance whatsoever that any transaction will arise from these discussions," they added.

The companies also mentioned that they will make appropriate announcements if there are any material developments concerning the planned acquisition.