Developer Oxley Holdings Limited has announced it will acquire full ownership in a takeover of property group Pindan.
Singapore-listed Oxley made a formal announcement regarding its 100 per cent ownership of Perth-based Pindan, the integrated property and construction company, on Monday.
The acquisition of the remaining 60 per cent of Pindan Group follows Oxley’s 40 per cent buy of the company for around $72 million in 2016.
Oxley said it would acquire the remaining interest for “zero consideration”, in its settlement claim after Pindan's failure to meet performance targets.
Oxley, a Singapore publicly-listed property developer, led by chief executive Ching Chiat Kwong, has a presence across 11 markets which includes London, a large mixed-use development in the business district of Dublin Ireland, two mixed-use developments in Phnom Penh Cambodia, and projects in Cyprus, Indonesia and China.
Pindan, founded in 1977 by George Allingame and David Pringle, will continue to operate across Australia across construction, development and asset management services.
Its co-founders Allingame and Pringle have stepped down from the business, with the acquisition “paving way for retirement” according to a statement.
Pindan's executive team will continue to manage the day-to-day operations of the company, Pindan's Scott Davidson described the latest acquisition as a “significant positive for the company”.
“We have a very strong construction order book with a positive outlook for the future,” Davidson said.
Pindan launched its first Queensland project (lead image), a 25-storey residential tower on the Gold Coast, last year.