Hongkong Land To Acquire Singapore’s Wheelock Place From Wharf For $900 Million

Hongkong Land, the spot limb of the billionaire Keswick family’s Jardine Matheson, is acquiring Singapore’s Wheelock Place from Wharf Real Estate Investment Company for S$1.1 cardinal ($900 million).

The institution said connected Thursday it has agreed to acquisition the mixed-use improvement from Wharf, the Hong Kong-based patient controlled by billionaire Peter Woo, done its Singapore Central Private Real Estate Fund (SCPREF). Located connected Singapore’s Orchard Road, a premier shopping boulevard, the 21-storey building has a full gross level area of astir 43,000 quadrate meters comprising agency abstraction and a unit podium.

The woody marks SCPREF’s first acquisition since Hongkong Land launched the commercialized existent property backstage money successful February arsenic portion of the company’s scheme to recycle superior and boost shareholder returns. The fund, successful which Hongkong Land owns a mostly liking alongside investors including Qatar Investment Authority, is the largest of its benignant successful Singapore pinch first assets nether guidance of S$8.2 billion. Its portfolio includes the Marina Bay Financial Centre and One Raffles Quay.

The deal, slated for completion successful August, will boost SCPREF’s AUM to S$9.4 billion, according to Hongkong Land. The money targets astatine slightest S$15 cardinal successful AUM wrong 5 years.

“SCPREF was created to get assets of a calibre that seldom travel to market, and Wheelock Place is precisely that,” said Michael Smith, main executive of Hongkong Land, successful a statement. “This acquisition besides marks Hongkong Land’s successful entry, via SCPREF, into the strategical Orchard Road precinct, further enhancing our Singapore commercialized footprint.”

Under the activity of Smith, who took the helm successful 2024, Hongkong Land has group a target to recycle up to $10 cardinal of superior by 2035. In summation to launching SCPREF, the institution successful September past twelvemonth besides offloaded its Singapore residential developer MCL Land to Sunway Group for $579 million.

As of June, Hongkong Land said it had recycled $3.7 cardinal of capital. The institution is pouring the proceeds into strengthening its existing portfolio, including upgrading its premier unit promenade successful Hong Kong’s Central business district, while buying backmost its Singapore- and U.K.-listed shares.

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