Hongkong Land to buy Wheelock Place in Singapore for $900 million

Hongkong Land, the real-estate subsidiary of the Keswick family’s Jardine Matheson, agreed to buy Wheelock Place, a 21-storey mixed-use development on Singapore’s Orchard Road, from Wharf Real Estate Investment Company for S$1.1 billion ($900 million). The acquisition is being made by the Singapore Central Private Real Estate Fund, the company’s newly launched private-equity vehicle, marking its first purchase since February.

The fund, majority-owned by Hongkong Land and backed by investors such as the Qatar Investment Authority, currently manages S$8.2 billion and will see its total rise to about S$9.4 billion after the deal, with a target of S$15 billion within five years. Wheelock Place adds roughly 43,000 sqm of office and retail space to the fund’s portfolio, which already includes Marina Bay Financial Centre and One Raffles Quay. The transaction is slated for completion in August, further cementing Hongkong Land’s presence on Orchard Road. Michael Smith, chief executive of Hongkong Land, highlighted the purchase as a strategic entry into the prime shopping district.