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Hongkong Land shares jump 5.5% on news of S$8 billion real estate fund

Hongkong Land shares jump 5.5% on news of S$8 billion real estate fund

By Swedan Margen

Fashion

Shares of Hong Kong Land soared as much as 5.5 per cent after the company announced plans to inject its interests in One Raffles Quay, MBFC Towers 1 and 2 into a new real estate fund.

The counter rose as high as US$7.31 by 9.31 am on Friday (Dec 12), climbing US$0.38 from its previous closing price.

On Thursday (Dec 11), Keppel Reit announced it was buying Hongkong Land’s one-third stake in Marina Bay Financial Centre (MBFC) Tower 3. In response, shares of the company rose 5.5 per cent or US$0.36, ending Thursday at US$6.93.

The new fund, the Singapore Central Private Real Estate Fund (SCPREF) is expected to hold more than S$8 billion in assets under management at inception. That will make it the biggest private real estate fund in Singapore.

The SCPREF will focus exclusively on managing prime commercial property asset and is in line with Hong Kong Land’s goals to grow its total assets under management to US$100 billion by 2035.

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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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Hongkong Land shares jump 5.5% on news of S$8 billion real estate fund | Grazia British