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WA developer issues 40% stake to Singaporean company
Two firms have advised on an investment in a West Australian property developer by a Singapore-listed company, which represents a deal value worth $72 million.
Emma Musgrave
Firms: Squire Patton Boggs (Pindan Group); Steinepreis Paganin (Oxley Holdings)
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Deal: Pindan Group has been advised on the issue of a 40 per cent stake to Oxley Holdings.
Value: $72 million
Area: Finance
Key players: The Squire Patton Boggs team advising Pindan was led by partner Simon Rear (pictured), along with associates Chanelle Tong and Mitch Reynolds.
Oxley Holdings was represented by Steinepreis Paganin including partner Toby Hicks and senior associate Rhys Waldon.
Deal significance: Pindan Group is a West Australian property developer, while Oxley Holdings is a Singapore-listed developer.
This latest transaction sees the Singaporean company hold a 40 per cent stake in the Pindan Group. It comes after a recent restructure that saw Pindan bring all of its operations under the one entity, Pindan Group Pty Ltd.
Squire Patton Boggs partner Simon Rear said the $72 million investment by Oxley Holdings represents a strategic move for both parties.
“Pindan has grown tremendously over the years. Today, it is a multidisciplinary construction and development company and has expanded its operations from home state WA to become a national player,” he said.
“Not only does the sale free up capital to fund acquisition and development projects, but the relationship with Oxley will provide access to Asian investors.
“For Oxley, its association with an established developer of Pindan’s calibre provides an ideal entry into the Australian market.”
