SG Realty: Soildbuild REIT explores Australia investments; Ying Li offloads Chongqing stake

DBS bank building at night in the central business district of Singapore. Photographer: Nicky Loh/Bloomberg

SB REIT Management, the manager of Soilbuild Business Space REIT (Soilbuild REIT), is expanding its investment mandate to include Australia. Meanwhile, Ying Li International Real Estate is offloading its entire stake in a mixed development project in Chongqing city.

Soilbuild REIT to expand mandate to include Australia

SB REIT Management, the manager of Soilbuild Business Space REIT (Soilbuild REIT), is expanding its investment mandate to include Australia and is sourcing investment opportunities in the country.

According to the REIT, venturing beyond Singapore will help increase Soilbuild REIT’s pool of investment targets, enhance access to assets with longer land tenures, and enable diversification of its tenant base. Additionally, it will strengthen Soilbuild REIT’s portfolio for long-term growth.

However, its portfolio will continue to comprise largely Singapore-based assets in the foreseeable future. The expansion into Singapore is aligned with its investment strategy of owning and operating a diversified portfolio in the business space and industrial property sector.

Ying Li to divest stake in Chongqing project

China-based property developer Ying Li International Real Estate is offloading its entire stake in a mixed development project in the Central Business District of Chongqing city in an RMB3.29 billion ($498.6 million) deal to Shengyu.

Shengyu (BVI) is part of the China Evergrande Group and is purchasing the Ying Li’s entire equity interest in its direct wholly‐owned subsidiary Shiny Profit Enterprises. This entity owns the entire equity interest in Chongqing Yingli Shiny Profit Real Estate Coo, which owns the Ying Li International Commercial Centre project, formerly known as Ying Li Financial Street project.

The development is a premium integrated project currently under construction located in Chongqing’s core central business district of Jiefangbei. It comprises two office tower blocks and a six‐storey retail mall.

The deal also sees Ying Li transferring a separate parcel of land in Chongqing to Shengyu not connected to the project at the same price the group currently values the land, as part of the ongoing land acquisition process.

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