The purchase price will be financed via a combination of equity and bank borrowings.
Boustead Projects’ share of equity contribution is $14.2 million.
Upon completion of the deal, the company says BP-TPM intends to award a contract for asset enhancement works to the property to Boustead Projects subsidiary Boustead Projects E&C.
The company intends to derive long-term leasing income from the property, which is sold with vacant possession.
Shares in Boustead Projects closed 1.5 cents lower, or down 1.6%, at 92 cents on Monday.
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