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Raffles Education cancels plans for $84 mil sale of unit's Australia property

Michelle Zhu Published on Wed, Jun 06, 2018 / 5:39 PM GMT+8

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SINGAPORE (June 6): Raffles Education Corporation (REC) will no longer be disposing of its unit’s property located at 1-3 Fitzwilliam Street, Parramatta, New South Wales, Australia, to Propertylink (Holdings) Limited (PHL).

The six-storey commercial building – part of which was being leased out by REC’s wholly-owned subsidiary Raffles Assets Australia (RAAPL) to another subsidiary of the group, Raffles College – was expected to sell at consideration of A$82 million ($83.6 million).

RAAPL in April 2018 entered into a non-binding heads of agreement with PHL to sell its freehold interest in a property to the latter. It was previously announced that both RAAPL and PHL had intended to enter into a definitive agreement in the form of a put and call option agreement.

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Raffles Education cancels plans for $84 mil sale of unit's Australia property