By Madhurima Nandy
In February 2017, PEL had announced a strategic co-investment fund with Ivanhoé Cambridge to provide long-term equity capital to select developers.
The transaction comes at a time when the property market is undergoing a phase of consolidation where several local builders are forging alliances with corporate developers.
The partners have acquired the $430 million property via long-term sale-and-leaseback agreement with the Singapore arm of REC.
With the divestment of the real estate business, Thomson Medical Group becomes one of Asia’s largest pure play healthcare companies.
GLP continues to focus on capital recycling via its fund management platform.
InvITs are trusts that manage income-generating infrastructure assets, typically offering investors regular yield and a liquid method of investing in infrastructure projects.
The proposed divestment is in line with Keppel Land’s strategy to recycle assets to seek higher returns.
With minority investments from Jaguar Growth Partners and Hwa Hong Corporation Limited, JLP will focus on publicly-listed real estate companies and operating platforms globally.
The transaction is part of M&G Real Estate’s Asian property strategy and marks its first business park office investment in Singapore.
The REIT, which currently holds assets worth over $2.2 billion mostly in Singapore, has said it is not in a rush to go overseas.