Hongkong Land has launched the &#34;Singapore Central Private Real Estate Fund,&#34; with an initial asset management scale of SGD 8.2 billion, including one-third equity in Tower 1 and Tower 2 of the Marina Bay Financial Centre (MBFC), as well as 100% equity in Asia Square Tower 1.
The fund focuses on office real estate in Singapore, with the assets from the Marina Bay Financial Centre coming from Hongkong Land, while Asia Square Tower 1 is from another co-founding investor of the fund—Qatar Investment Authority (QIA).
Hongkong Land announced the launch of the fund on Tuesday (February 3), stating that it is the largest private investment platform for office real estate in Singapore and one of the largest funds focused on the Asian market.
The fund's initial asset portfolio also includes one-third equity in Marina Bay Link Mall and One Raffles Quay; as well as 100% equity in One Raffles Link.
This fund recovers capital from Hongkong Land's high-quality real estate assets to acquire new ultra-high-end integrated commercial real estate projects in Singapore.
It aims to acquire more high-quality, income-generating commercial real estate in the central business district and Orchard Road, expanding the asset scale to SGD 15 billion, with a target total investment return of 8%.
Hongkong Land serves as the general partner and manager of the fund, holding a majority stake at the fund's inception, alongside QIA and APG Asset Management as founding investors. Other investors include a sovereign wealth fund from Southeast Asia.
<h3>Schmid: Opportunities in the Singapore market have not appeared for years but may re-emerge now</h3>
<h4>Further Reading</h4>
Debt ratio approaching limit, Keppel REIT unable to acquire more MBFC properties

 [Hongkong Land launches the largest local private real estate fund 
 
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Hongkong Land Group CEO Michael Smith pointed out at a press conference on Tuesday that the fund is positioned as a pure Singapore commercial real estate private equity fund, with no intention of acquiring assets outside of Singapore. He also mentioned that opportunities that have not appeared in the Singapore market for many years may be re-emerging.
Currently, Hongkong Land holds slightly over 50% equity in the fund, having committed capital of SGD 4.1 billion, of which over SGD 1.8 billion comes from third-party funds. The group's Chief Investment Officer, Lin Shiqi, noted that at no time will the company's stake fall below 30%.
Lin Shiqi also revealed that Hongkong Land is actively negotiating to bring in other institutional investors for the fund, which are global funds and pensions that have historically shown great interest in investing in Singapore assets.
With the establishment of the fund and the net proceeds from the sale of a stake in the Marina Bay Financial Centre Tower 3, Hongkong Land has recouped approximately USD 1.3 billion (about SGD 1.65 billion), bringing the total capital recouped since 2024 to USD 3.4 billion, exceeding 80% of the target of USD 4 billion to be recouped by 2027.
On Tuesday, Hongkong Land also announced an additional investment of USD 300 million to expand its share buyback program, bringing the total buyback amount since 2024 to USD 650 million.
Hongkong Land's stock price surged 4.71% on Tuesday, closing at USD 8.67, reaching a historical peak

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Hongkong Land launched the "Singapore Core Private Real Estate Fund," with an initial asset management scale of 8.2 billion yuan, covering equity in the Marina Bay Financial Centre and One Raffles Quay. The fund focuses on office real estate in Singapore and is one of the largest private investment platforms for office real estate in Singapore. The fund also includes equity in Marina Bay Link Mall and Raffles Place Tower 1, aiming to recover funds through high-quality real estate assets to support acquisitions in Singapore

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HongkongLand launches an SGD 8.2 billion private equity fund in Singapore, including the Marina Bay Financial Centre | Lianhe Zaobao