Hongkong Land says it will acquire Singapore’s Wheelock Place for about S$1.1 billion (US$900 million) through its Singapore Central Private Real Estate Fund (SCPREF). The company describes the transaction as the first acquisition made by the fund since it launches in February. Wheelock Place is a mixed-use commercial property on Orchard Road. Hongkong Land says the property is being acquired from an entity owned by Wharf Real Estate Investment Company, a Hong Kong-listed company.
The deal is expected to complete by the end of the year, subject to customary conditions, according to the company’s statement. After the acquisition, Forbes reports that the fund’s assets under management rise to about US$7.3 billion. The two outlets both attribute the sale to a Wharf-controlled entity and confirm the headline purchase price and that the transaction represents SCPREF’s first investment.
