Daily Briefing: Two strata-retail units for sale at $13.5m; New VC launched to invest in agri-food startups

And Clearbridge Health acquires nine dental clinics for $3.3m.

From iCompareLoan:

Two strata retail units located at the basement of Peninsula Plaza were relaunched for $13.5m, according to an announcement by JLL.

The two units have a combined area of 4,779 sqft and are fully leased to five tenants, including two restaurants and three retail stores.

Located in the heart of City Hall, Singapore’s Civic District, Peninsula Plaza is a mixed-use 30-storey development comprising an office tower with a five-storey retail podium offering a myriad of F&B, retail and service offerings.

The property was first launched for sale in January this year with a guide price of $16m, but was withdrawn from the market. “Upon the close of the EOI, we received a few offers which fell short of the owner’s expectations. The property was subsequently withdrawn from the market,” said Clemence Lee, senior director of capital markets for JLL.

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From DealStreetAsia:

Singapore’s FocusTech Ventures, in partnership with Japanese venture firm Leave a Nest, has established Germi8 with plans to invest $1.3m (¥100m) across 20 agri-food startups and projects in Southeast Asia over the next three years, an announcement revealed.

The firm was also established in collaboration with agricultural equipment manufacturer Kobashi Industries and microalgae products producer Euglena.

Leave a Nest Singapore was established in 2010 as a deep tech innovation platform in Southeast Asia. Since 2014, the company’s flagship programme, Tech Planter has been expanding rapidly across ASEAN with the aim to discover and nurture startups in the sectors such as deep science and technology.

Meanwhile, FocusTech Ventures began supporting Tech Planter ASEAN in 2014 and strengthened its relationship with a strategic alliance with Leave a Nest in February 2018.

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From DealStreetAsia:

Singapore-listed Clearbridge Health has completed the acquisition of nine dental clinics in Singapore that operate under the brand Dental Focus, according to a press statement.

Clearbridge focuses on the delivery of precision medicine in Asia. Following this transaction, Clearbridge owns 51% in the nine dental clinics while founder Joseph Seow Kok Siam will hold the rest.

The acquisition was first announced in Singapore Stock Exchange on 24 May. Clearbridge had proposed the bid price of $3.3m.

Aside from the majority ownership, Clearbridge also holds the first right of refusal to acquire the other six clinics as well as ancillary dental services providers.

Read more here.