Link Asset Management, a Hong Kong-based real estate investor and asset manager, will acquire a couple of suburban retail assets in Singapore from Mercatus Co-operative for S$2.16 billion ($1.6 billion), to mark its entry into the country.

The acquisition is anticipated to help Link Asset Management strengthen its presence in Singapore and build in-market expertise, apart from gaining additional income.

The two suburban retail assets include Jurong Point and Swing By @ Thomson Plaza, which generated an annualized net property income of S$106 million as of October 2022.

Jurong Point, a suburban lifestyle mall, is situated in one of 11 integrated transport hubs in Singapore.

The mall with 720,000 square feet of net lettable area, registers an average footfall of five million visitors every month.

Swing By @ Thomson Plaza, which occupies level 1 and 3 of Thomson Plaza, has net lettable area of 110,000 square feet and is next to a station along the Thomson-East Coast Line, a medium-capacity mass rapid transit line in Singapore.

Nicholas Allen — Link Asset Management Chairman said: “The acquisition of Jurong Point and Swing By @ Thomson Plaza presents an exciting opportunity for Link to build its presence in Singapore, a robust economy with domestic price stability that is conducive to sustained growth.

“This is firmly aligned with our growth strategy to diversify and improve our portfolio mix across geographies and follows recent investments by Link in the region.”

Under the terms of the agreement, Link Asset Management will also enter into a 10-year asset and property management service pact for a third suburban retail mall, AMK Hub, which will remain under the ownership of Mercatus Co-operative.

George Hongchoy — Link Asset Management CEO said: “Jurong Point and Swing By @ Thomson Plaza are important strategic investments for Link.

“This transaction allows us to build a dedicated team in Singapore and provides a base for Link to expand further into other asset classes and strategies in Asia Pacific.”

The acquisition, which will be financed through its cash resources and debt facilities, is likely to close on 31 March 2023, said Link Asset Management.

  asset management, George Hongchoy, Jurong Point, Link Asset Management, Mercatus, Mercatus Co-operative, Nicholas Allen, Singapore, Swing By @ Thomson Plaza