Oxley sells Chevron House for $1.025b

The property is being revamped before the completion of the proposed sale.

Oxley Holdings has agreed to sell its interest in Chevron House, owned by its subsidiary Oxley Beryl, to Golden Compass (BVI) for an aggregate value of $1.025b, an announcement revealed. Golden Compass (BVI) will also take over the existing bank loans related to Chevron House.

Also read: Oxley accepts $1.03b offer for Chevron House

Chevron House is a 32-storey commercial development comprising 27 levels of office space and a five-storey retail podium with an existing net lettable floor area of 24,273 sqm. On 1 March 2019, Oxley commenced alterations and additions and asset enhancement works (AEI) on the property which shall be completed before the final completion of the proposed sale.

Oxley will also enter into a project management agreement with Oxley Beryl before the first completion. It shall be responsible for the implementation, execution and completion of the AEI works, as well as the divestment by Oxley Beryl of the retail and banking units of the property.

Oxley purchased Chevron House in November 2017 for a consideration price of $660m.