Will Hongkong Land seek to control the manager of Suntec Reit or the trust’s most prized properties?
Investing in a Reit where another group is the sponsor may be hardly optimal for the property giant
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[SINGAPORE] In late October 2024, Hongkong Land unveiled a new strategy to double underlying profit before interest and tax, double dividend per share, recycle capital of up to US$10 billion and grow assets under management (AUM) to US$100 billion with active participation by third-party capital by 2035.
The group has since been executing its strategy. Among various moves, it sold its property development business in Singapore and Malaysia, MCL Land, to Sunway Group.
The property giant also established its inaugural private real estate fund – the Singapore Central Private Real Estate Fund (SCPREF). Qatar Investment Authority and APG Asset Management are founding investors, and Hongkong Land manages this fund.
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