Coliwoo transitions to leaseback model following subsidiary sale

The company moves to long-term lease to maintain site management and amenities.

Coliwoo Holdings Limited has completed the disposal of its 80% stake in Coliwoo PP Pte. Ltd. (CWPPPL).

In a bourse filing, Coliwoo’s holding company LHN Group Pte. Ltd said the sale was completed on 12 January after fulfilling all conditions of the agreement.

Coliwoo announced last month the sale of its 80% interest in CWPPPL and subsequently leased back the property to continue operations under a long-term lease.

Whilst CWPPPL has ceased to be a subsidiary, Coliwoo has said that the hotel and co-living operator will still operate the property, retain tenants, and maintain amenities with no disruption to current services.

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