Sovereign Wealth Fund acquires 49% stake in Ho Bee Land's SPV for $555m

The SPV holds the biomedical life-science development, Elementum.

The Sovereign Wealth Fund (SWF) has acquired a 49% stake in HB Universal (HBU), the special purpose vehicle (SPV) of Ho Bee Land, for $555m.

Since HBU holds Elementum, SWF will also have a stake in the state-of-the-art biomedical life-science development.

Elementum is a premier life sciences hub with a gross floor area of 445,300 square feet.

The asset is a key landmark in the Buona Vista area, adjoining the Rail Corridor Park and two major metro lines.