Media365
At inception, the Singapore Central Private Real Estate Fund (SCPREF) would include one-third stakes in One Raffles Quay and Marina Bay Financial Centre Towers 1 and 2, the Hong Kong-based commercial landlord and developer said in a statement on Friday.
The transfer of these assets to the fund came following the lapse of pre-emptive offers by Hongkong Land to its joint venture partners, it said.
“The fund will be solely focused on managing prime commercial property assets in Singapore, creating a unique private investment platform that will own and operate some of Singapore’s most valuable real estate assets in terms of location, tenants and resilience of rental income,” Hongkong Land said, adding that over time the fund would create earnings growth for the company.
One Raffles Link, a seven-storey office building solely owned by Hongkong Land, would also form part of the fund’s assets, it added.
Meanwhile, Hongkong Land sold its one-third stake in Marina Bay Financial Centre Tower 3 to Keppel Reit for about S$1.5 billion, which was 2 per cent above the valuation of the property as of June, the developer said.
