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Hong Kong real estate giant Link Reit is acquiring two Singaporean retail developments, Jurong Point and Swing By @ Thomson Plaza, for US$1.6 billion.
Upon the transaction's completion with the seller, Mercatus Co-operative Limited, Link will be one of the top 10 retail asset owners in Singapore and the sixth largest shopping center operator by footprints.
As part of the transaction, Link will sign a 10-year asset and property management service contract for AMK Hub, a third suburban shopping center that will continue to be owned by Mercatus.
According to Link CEO George Hongchoy, the transaction allows them to build a dedicated team in Singapore and create a base to expand further into other asset classes and strategies in Asia Pacific.
The two properties generated an annualized net property income of $79 million as of last October.
