Hongkong Land’s Singapore fund to acquire $1.1b Wheelock Place

SCPREF’s AUM to rise to $9.4b from $8.2b upon completion. 

Hongkong Land’s Singapore Central Private Real Estate Fund (SCPREF) has entered into a definitive agreement to acquire Wheelock Place on Orchard Road for approximately $1.1b (US$900m).

The property will be acquired from an entity owned by Hong Kong-listed Wharf Real Estate Investment Company Limited, according to a bourse filing.

The transaction is expected to be completed by the end of August. The purchase price is in line with a recent independent valuation.

The deal marks the fund’s first acquisition since its establishment in February.

Hongkong Land said after the deal’s completion, SCPREF’s assets under management are expected to rise to $9.4b from $8.2b at inception, closer to its target of $15b.

Wheelock Place comprises a 21-storey commercial building and two basement levels housing offices, a retail podium, and car parks. 

The mixed-use property has a gross floor area of about 43,280 square metres.