Property group Hongkong Land said on Dec 12, Friday it will launch a Singapore private real estate fund with more than S$8 billion ($6.19 billion) in assets under management at inception.
The fund, named Singapore Central Private Real Estate Fund ("SCPREF") will focus on managing commercial properties in the city state, and is expected to be the largest private real estate fund in Singapore, the company said.
The company did not specify the time of launch for the fund, but said it expects to make an announcement in the first quarter of 2026 on the fund establishment.
The fund launch follows Hongkong Land's sale of its interest in Marina Bay Financial Centre Tower 3 to Keppel REIT for nearly S$1.5 billion, bringing the company close to its capital recycling targets.
The company will transfer its interests in Marina Bay Financial Centre Towers 1 and 2 and One Raffles Quay to the fund, which have a total attributable property value of S$3.9 billion as at June end, it said in a statement.
Hongkong Land said that the fund launch supports its goal of growing its assets under management to $100 billion by 2035.
($1 = 1.2916 Singapore dollars)
Source: Reuters
