Hongkong Land acquires Singapore’s Wheelock Place in US$900m deal
Deal to buy Orchard Road complex from entity owned by Wharf Real Estate Investment is first by developer’s Singapore investment fund
Hongkong Land will acquire Singapore’s Wheelock Place for about S$1.1 billion (US$900 million) through its Singapore Central Private Real Estate Fund (SCPREF), marking the fund’s first acquisition since its launch in February.
The mixed-use commercial property on Orchard Road is being acquired from an entity owned by Hong Kong-listed Wharf Real Estate Investment Company, according to a statement released by Hongkong Land on Thursday. The transaction is expected to conclude by the end of August.
Following completion, SCPREF’s assets under management would increase to S$9.4 billion from S$8.2 billion, bringing the fund closer to its target of about S$15 billion, the statement said, adding that the agreed price was in line with a recent independent valuation.
The acquisition comes as Hongkong Land steps up efforts to grow its fund-management business.