Deals
Alibaba Buys 50% Stake in Singapore Office Building
- Perennial-led group sells interest in 50-story AXA Tower
- Companies have formed joint venture to redevelop building
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Chinese e-commerce giant Alibaba Group Holding Ltd. has bought a 50% stake in a Singapore office tower in a deal valuing the property at S$1.68 billion ($1.2 billion).
The agreement was struck with a consortium led by Perennial Real Estate Holding Ltd., with the sale expected to close around June, according to a statement Wednesday.