Hongkong Land to launch $8b Singapore private real estate fund

The Central Private Real Estate Fund will solely focus on managing prime commercial property.

Hongkong Land Holdings Limited (Hongkong Land) is set to launch the Singapore Central Private Real Estate Fund (SCPREF), its first private real estate fund that is expected to have $8b of assets under management (AUM) upon inception.

SCPREF is expected to be the largest private real estate fund in the city-state. The fund will be solely focused on managing prime commercial property assets here, Hongkong Land said in a bourse filing.

SCPREF is expected to be seeded by Hongkong Land’s Singapore commercial portfolio and other assets acquired by the fund on inception and over time, it added.

Meanwhile, Hongkong Land offered its 33% interests in One Raffles Quay, Marina Bay Financial Centre Towers 1 and 2, and Marina Bay Financial Centre Tower 3 (MBFC 3) to its existing joint venture partners ORL and Keppel REIT, respectively.

Keppel REIT has agreed to acquire Hongkong Land’s interest in MBFC T3, based on an attributable property value of approximately $1.5b, according to the filing.

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