SEB Asset Management is increasing its exposure in Asia. It has acquired the well-known Chinatown Point shopping center in Singapore via a joint venture with Asian partners. 30% of the transaction is attributable to the SEB ImmoPortfolio Target Return open-ended real estate and another 30% to a segregated account managed by SEB. The parties agreed not to disclose the purchase price.
Chinatown Point is located in the city center of Singapore at the corner of New Bridge Road and Upper Cross Street, directly above the Chinatown underground station. In addition to the existing North-East Line, the new Downtown Line will also depart from there, improving the already good transport connections to the shopping center.
The property, which was constructed in 1980, has total rental space of 16,446 m². Office space is located above the retail space and 361 underground parking spaces are available for visitors and employees. Chinatown Point already has a letting rate of 95%. Modernization work should further increase the letting rate and rental income over the coming years.
SEB ImmoPortfolio Target Return Fund (DE00009802314) is aimed at institutional investors and high net worth private clients. The fund is positioned as a core plus product. Its proactive investment strategy encompasses investments in both established real estate markets and in regions and types of use with clear growth prospects. The acquisition in Singapore has expanded the portfolio to a total of 46 properties in 13 countries.
Source: SEB
