Page 137 - ar2012

annual report 2012
135
26 Subsequent event
On 4 January 2013, Sanctuary Sands Maldives Private Limited, a subsidiary of DBS Trustee Limited,
as trustee of H-REIT, entered into a conditional sale and purchase agreement (the “Sale and Purchase
Agreement”) with Maldives Bay Pvt Ltd (the “Vendor”), a subsidiary of Banyan Tree Holdings Limited,
to acquire Angsana Velavaru (a “Property”) which is located in the island of Velavaru in South Nilandhe
Atoll, Republic of Maldives at purchase price of US$71.0 million (or approximately S$86.8 million)
(the “Acquisition”).
The Acquisition was completed on 31 January 2013, after the satisfaction of all the conditions precedent
under the Sale and Purchase Agreement, including the grant of the relevant approvals from the
Government of the Republic of Maldives, represented by the Ministry of Tourism, Arts and Culture.
Sanctuary Sands Maldives Private Limited has also entered into a lease agreement with the Vendor, as
lessee after the Acquisition, to operate and manage the Property under the “Angsana” brand.
Notes to the Financial Statements