Qatar Investment Authority (QIA) has partnered with Hongkong Land Holdings Limited to launch the Singapore Central Private Real Estate Fund (SCPREF), marking the largest commercial private investment fund in Singapore with S$8.2b in assets under management at its inception. The fund, advised by global law firm Linklaters, focuses on high-quality, income-producing commercial assets in Singapore’s Central Business District and Orchard Road District, aiming to reach a gross asset value of at least S$15b.
SCPREF is a perpetual open-end fund, initially comprising a portfolio with 2.6 million square feet of effective net lettable area. Asia Square Tower 1, a premium Grade A office tower previously wholly owned by QIA, is included in the fund’s initial portfolio. Alongside QIA, APG Asset Management is also a founding investor in the fund.
The advisory team from Linklaters was led by corporate partner Robert Elliot, with support from counsellor Grace Wong and a cross-practice, multi-jurisdictional team. Elliot expressed pride in supporting QIA and highlighted the transaction as evidence of Singapore’s status as a key gateway for global institutional capital. He noted, “The launch of SCPREF underscores Singapore’s position as a pre-eminent gateway for global institutional capital.”
The establishment of SCPREF not only strengthens Singapore’s position in the global real estate market but also demonstrates the collaborative efforts of international legal and financial teams to facilitate significant investment opportunities in the region.
