Marina One office complex attracts CapitaLand, Hongkong Land: sources

[SINGAPORE] CapitaLand Group and Hongkong Land Holdings are among possible bidders for the Marina One high-rise complex in Singapore’s central business district, according to people familiar with the matter.

Marina One is owned by M+S, a joint venture of Malaysian sovereign wealth fund Khazanah Nasional and Singapore investment company Temasek, who are seeking around S$5.7 billion for the asset, some of the people said, asking not to be identified because the information is private.

The high price target has been an obstacle to a sale of Marina One, which could also attract other suitors, possibly in a consortium, some of the people said.

The Business Times reported in January that Khazanah and Temasek were considering a sale at S$5 billion to S$6 billion. Marina One includes 1.88 million square feet of office space as well as 140,000 square feet of retail space, and there are also apartments in the complex.

Deliberations around Marina One are still at an early stage and might not result in a transaction, the people said.

Temasek declined to comment. Representatives for CapitaLand, which is owned by Temasek, and Hongkong Land did not respond to requests for comment. Khazanah and M+S also did not respond to requests for comment.

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Khazanah, Temasek seen putting Marina One up for sale at S$5 billion to S$6 billion

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Hongkong Land set up its Singapore Central Private Real Estate Fund this year to focus on high-end commercial property in the city-state. It already has assets in Asia Square and Marina Bay Financial Centre, as well as One Raffles Quay and One Raffles Link. Backers include Dutch pension fund APG Groep and the Qatar Investment Authority.

CapitaLand has a private developer arm and listed asset manager with stakes in real estate investment trusts and private funds. BLOOMBERG