Coliwoo sells subsidiary, leases back Pasir Panjang hotel

The sale-leaseback will preserve operations without tenant disruption.

Coliwoo announces sale of subsidiary and leaseback transaction of Coliwoo Hotel Pasir Panjang.

Coliwoo is selling 80% interest in its subsidiary Coliwoo PP Pte. Ltd and subsequently leases back the property to continue operations under a long-term lease.

The hotel and co-living operator will still operate the property, retain tenants, and maintain amenities with no disruption to current services.

The gross proceeds from the 404 Pasir Panjang Road is $43.9m with net proceeds of around $15.3m set to be used to repay working capital-related loans owed to Coliwoo’s holding company LHN Group Pte. Ltd and for general working capital.

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