Hongkong Land acquires Singapore’s Wheelock Place in US$900m deal

Hongkong Land will acquire Singapore’s Wheelock Place for about S$1.1 billion (US$900 million) through its Singapore-central-private-real-estate-fund" class="entity-link entity-organization" data-entity-id="174873" data-entity-type="organization">Singapore Central Private Real Estate Fund (SCPREF), marking the fund’s first acquisition since its launch in February.The mixed-use commercial property on Orchard Road is being acquired from an entity owned by Hong Kong-listed Wharf Real Estate Investment Company, according to a statement released by Hongkong Land on Thursday. The transaction is expected to conclude by the end of August.Following completion, SCPREF’s assets under management would increase to S$9.4 billion from S$8.2 billion, bringing the fund closer to its target of about S$15 billion, the statement said, adding that the agreed price was in line with a recent independent valuation.