Singapore Realty: Ho Bee Land, First Sponsor Group hike exposure in Europe

View of the Singapore cityscape.

Ho Bee Land and First Sponsor Group are increasing their exposure to European property markets.

Ho Bee Land to acquire London office property

Ho Bee Land on Tuesday announced it has acquired Emmatown Properties (EPL) for a consideration of £129.3 million (S$228 million) through its subsidiary Stream Field Investments.

The acquisition price reflects a net yield of about 4.1 per cent and brings Ho Bee Land’s asset portfolio in London to six commercial buildings with a total investment value estimated at £645.8 million.

EPL owns a freehold commercial building at 67 Lombard Street and is a prime location, given its proximity to the Bank of England and the Royal Exchange. The property was redeveloped in 2014 and provides 93,640 sq ft of Grade A office space, restaurant, and ancillary accommodation arranged over basement, lower ground, ground, and eight upper floors.

Chua Thian Poh, chairman and CEO of Ho Bee Land, said, “The acquisition is part of the group’s capital re-investment plan to upgrade its portfolio of London investment properties following the group’s divestment of Rose Court in February this year.”

First Sponsor Group to acquire Dutch property

First Sponsor Group is acquiring the third to ninth floor of the Poortgebouw Hoog Catherijne, in Utrecht, the Netherlands, for a consideration of 26.4 million euros (S$40.8 million). The acquisition is to be funded with the drawdown of First Sponsor’s existing unsecured credit facilities.

First Sponsor and its Dutch subsidiary, NL Amstel Development 16 BV, on Tuesday, entered into the sale and purchase agreement with vendor Hoog Catharijne Mall of the Netherlands BV.

Incorporated in the Netherlands, Hoog Catharijne Mall is a wholly-owned subsidiary of Klépierre SA which is listed on the Euronext Paris and a major player in continental Europe’s retail property market with shopping centres in 57 cities and 16 countries.

Poortgebouw Hoog Catherijne is a newly constructed building with a total lettable floor area of 11,604 sqm and will be developed into two hotel with a total of 320 rooms. The hotels will be operated by Hampton by Hilton and Crowne Plaza or brands of a similar quality, according to First Sponsor.

 

Also Read:

Manulife Real Estate buys Singapore property for $526m

Blackstone to put Sime Darby’s Singapore property on sale

AEP Investment-HNA Group partner for Singapore REIT listing

Singapore: Imperium Crown increases GEM stake; Koh Brothers acquires Gangnam property

Ascott REIT launches $313m rights issue to fund Germany & Singapore expansion

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.