NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 32 ACQUISITION OF SUBSIDIARIES AND INTEREST IN A JOINT OPERATION (continued) (a) Acquisition of subsidiaries (continued) The identifiable assets acquired, liabilities assumed and effect of cash flows are presented as follows: Group 2022 $’000 Investment properties 1,936,857 Plant and equipment 75 Trade and other receivables 2,406 Financial derivatives 720 Cash and cash equivalents 27,861 Trade and other payables (30,201) Loans and borrowings (950,647) Lease liabilities (21,192) Provision for taxation (6,623) Security deposits (13,418) Total identifiable net assets acquired 945,838 Less: NCI, based on their proportionate interest in the recognised amounts of the assets and liabilities of the acquiree (181,806) Identifiable net assets acquired 764,032 Add: Acquisition fee and other related expenses 56,501 Total purchase consideration, including acquisition costs 820,533 Less: Acquisition fee paid in units (11,228) Less: Cash and cash equivalents in subsidiaries acquired (27,861) Less: Deposits paid in 2021 (33,106) Net cash outflow on acquisitions 748,338 (b) Acquisition of interest in a joint operation On 21 June 2022, the Group, through its indirect wholly-owned subsidiary, Monopoly Trust, acquired a 50.0% interest in 101 – 103 Miller Street and Greenwood Plaza from an unrelated third party for a total consideration of approximately $426.1 million. The Group had classified its 50.0% interest in 101 – 103 Miller Street and Greenwood Plaza as a joint operation as the interest is under a tenancy in common arrangement. The acquisition was accounted for as an acquisition of asset as no integrated activities were acquired. Effects of acquisition The identifiable asset acquired and effect of cash flows are presented as follows: Group 2022 $’000 Investment property 398,238 Total identifiable net asset acquired 398,238 Add: Acquisition fee and other related expenses 27,850 Total purchase consideration, including acquisition costs 426,088 Less: Deposits paid in 2021 (20,541) Net cash outflow on acquisition of interest in a joint operation 405,547 ANNUAL REPORT 2023 271 Other Information Overview Leadership Performance Framework
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