UOL's (SGX:U14) hospitality subsidiary, UOL Hotel Investments (Orchard), signed a deal to buy out United Overseas Bank's (SGX:U11) remaining interest in a property located in Singapore for SG$568.5 million.
The acquisition comprises UOB's legal title to the land lots and a banking hall, along with its 1/12 share in a 30-year lease, according to a Friday filing with the Singapore Exchange.
Following the completion of the acquisition, UOL will have full ownership of the property, which is currently being redeveloped into a new mixed-use commercial development, which will comprise a hotel and a banking hall.
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