Hongkong Land Holdings is pressing ahead with growth in fund management. The 136-year-old property group said recently that it has made significant advancements towards launching its first private real estate fund – the Singapore Central Private Real Estate Fund (SCPREF).
SCPREF, which is expected to be the largest Singapore private real estate fund with over S$8 billion of assets under management at inception, will focus on prime commercial assets in the city-state.
Hongkong Land plans to transfer its 33.3 per cent interests in One Raffles Quay (ORQ) and Marina Bay Financial Centre (MBFC) Towers 1 and 2, as well as its 100 per cent interest in One Raffles Link (ORL) into SCPREF. Combined, these Central Business District (CBD) properties, have a total attributable property value of S$3.9 billion as at end-June and contribute around 3.2 million square feet of prime office space on a 100 per cent basis.
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