Hongkong Land

Hongkong Land's shares rose about 4% to S$8.61 after reports that the company is considering transactions of more than US$1 billion for mixed‑use projects in prime Tokyo locations. Additional momentum came from the takeover of Wheelock Place by the Singapore Central Private Real Estate Fund for around S$1.1 billion, which raises the fund's assets under management to S$9.4 billion. The broader market also showed strength, with the Straits Times Index reaching a record high. » More on de.investing.com

Hongkong Land agreed to acquire Wheelock Place on Orchard Road from Wharf for S$1.1 billion (about $900 million) through its Singapore Central Private Real Estate Fund (SCPREF). The 21-storey mixed-use development is SCPREF’s first acquisition since the fund launched and will lift its assets under management to S$9.4 billion on completion, expected in August. SCPREF, backed by Hongkong Land and investors including Qatar Investment Authority, targets at least S$15 billion AUM within five years as Hongkong Land pursues capital recycling and shareholder returns. » More on forbes.com

Hongkong Land's Singapore Central Private Real Estate Fund (SCPREF) has agreed to acquire Wheelock Place on Orchard Road for around S$1.1 billion. The seller is a company owned by Wharf Real Estate Investment Company; the purchase price corresponds to a recent independent valuation. Wheelock Place comprises a 21-storey commercial building with office and retail space (approx. 43,280 m²) and is located directly at Orchard MRT station; completion is scheduled for the end of August. The acquisition raises the fund's assets under management from S$8.2bn to S$9.4bn, increasing Hongkong Land's management fees and is expected to be accretive to adjusted earnings. » More on de.investing.com