Hongkong Land plans to launch a private real estate fund in Singapore with over S$8 billion in assets. The fund includes stakes in One Raffles Quay and Marina Bay Financial Centre Towers 1 and 2. The company aims to grow its assets under management to US$100 billion by 2035, with third-party investors.

The fund will focus on managing prime commercial properties in Singapore, including One Raffles Link. The total value of these assets amounts to S$3.9 billion, with 3.2 million sq ft of prime office space in Singapore. Hongkong Land sold its stake in Marina Bay Financial Centre Tower 3 to Keppel Reit for S$1.5 billion.

Hongkong Land’s sale of Tower 3 increases its capital recycling to US$2.8 billion out of a US$4 billion target by 2027. The fund launch, expected to double the company’s seed portfolio, aligns with its strategy to attract third-party capital investors. Keppel Reit CEO sees the acquisition as a chance to grow their grade-A commercial assets in Singapore’s prime office sector.

Read more at Yahoo Finance: Hongkong Land poised to launch US$6 billion Singapore property fund