Singapore Telecommunications completed the strategic partnership with Lendlease for the redevelopment of the telecom company's Comcentre property, according to a filing with the Singapore Exchange on Monday.
Lendlease has acquired a 49% interest in Singtel Somerset, which will pay the land cost of SG$1.6 billion to Singtel.
Redevelopment of Comcentre will be financed through external debt and equity commitments from Singtel and Lendlease.
Shares of the telecommunications company were down over 1% in recent trading.
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