Link Real Estate Investment Trust (0823) will acquire a 50.1 percent interest in Eastpoint Mall in Singapore from Income Insurance for a total consideration of S$239.5 million (HK$1.47 billion), while Income Insurance will retain the remaining 49.9 percent interest, Link and Income Insurance announced on Tuesday.
Link will serve as Eastpoint Mall’s asset manager and property manager.
The partnership draws on both parties’ deep understanding of community malls in Asia Pacific as well as extensive experience in Singapore’s real estate market. For Income Insurance, the transaction represents a considered and strategic decision to optimise its property portfolio in line with its core return objectives and long-term sustainability goals.
"This is a compelling and capital efficient investment which underscores Link’s focus on its core strengths in owning and actively managing retail assets across Asia Pacific,” said John Saunders, Link’s executive director and chief investment officer.
"We will collaborate with Link to support the rejuvenation of Eastpoint Mall and its surrounding community. This reflects our focus on creating long-term value for our policyholders while continuing to serve our customers and Singaporeans,” said David Chua, chief investment officer at Income Insurance.
