Link Reit, the Hong Kong-listed real estate behemoth has signed off on the acquisition of two Singapore retail developments.
The two sites in question are Jurong Point and Swing By @ Thomson Plaza, from Mercatus Co-operative. Once the $1.6bn deal is finalised, Link will become one of the top 10 retail asset owners in Singapore as well as the sixth largest shopping centre operator by footprints.
“Jurong Point and Swing By @ Thomson Plaza are important strategic investments for Link,” said George Hongchoy, CEO at Link. “Properties such as these, sizable suburban retail assets with high occupancy rates and stable rents, are traditionally tightly held and do not often come to market. This transaction allows us to build a dedicated team in Singapore and provides a base for Link to expand further into other asset classes and strategies in Asia Pacific.”
