REG - Hongkong Land Hldgs - HKL launches inaugural private real estate fund

Hongkong Land HoldingsAnnouncement

Tue 09:30

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RNS Number : 5066R  Hongkong Land Hldgs Ltd  03 February 2026

Announcement

 

3 February 2026

 

The following announcement was issued today to a Regulatory Information
Service approved by the Financial Conduct Authority in the United Kingdom.

 

HONGKONG LAND HOLDINGS LIMITED

 

HONGKONG LAND LAUNCHES SINGAPORE'S LARGEST COMMERCIAL REAL ESTATE PRIVATE FUND

 

Hongkong Land Holdings Limited ("Hongkong Land" or the "Company") today
announces the successful launch of its inaugural private real estate fund, the
Singapore Central Private Real Estate Fund ("SCPREF" or the "Fund"), with
assets under management of S$8.2 billion (US$6.4 billion) at inception. SCPREF
is Singapore's largest office-focused private investment platform comprising
best-in-class commercial assets, setting a new benchmark with its perpetual
open-end fund structure.

 

The establishment of SCPREF represents a significant milestone in the
consistent execution of Hongkong Land's strategy announced in October 2024.
The Fund recycles capital from Hongkong Land's prime real estate assets, in
turn providing a platform to acquire new ultra-premium integrated commercial
properties in Singapore. SCPREF also provides a foundational boost to Hongkong
Land's target of US$100 billion assets under management by 2035 through the
formation of a third-party capital investment platform with leading global
institutional investors.

 

Hongkong Land will be the General Partner and Manager of the Fund, and hold a
majority stake in SCPREF at inception, as a founding investor along with Qatar
Investment Authority (QIA) and APG Asset Management (APG). Other investors in
SCPREF include an established Southeast Asia sovereign wealth fund.
Post-launch, SCPREF has an investment mandate to acquire additional
high-quality, income-producing commercial assets in Singapore's Central
Business District and Orchard Road District, reinforcing Hongkong Land's
commitment to long-term value creation in Asian gateway cities.

 

An ultra-premium, market-leading portfolio

 

SCPREF's initial portfolio comprises:

·      Asia Square Tower 1 (100% interest);

·      Marina Bay Financial Centre Tower 1 & Tower 2 and Marina Bay
Link Mall (33⅓% interest);

·      One Raffles Quay (33⅓% interest); and

·      One Raffles Link (100% interest).

 

This initial portfolio collectively represents 2.6 million square feet of
effective Net Lettable Area (NLA) and had a Gross Asset Value (GAV) of S$8.2
billion as at December 2025, making SCPREF the largest private real estate
fund focused on Singapore and among the largest Asia-focused funds by AUM in
the market today.

 

The Fund targets growing to at least S$15 billion in GAV, supported by
selective high-quality acquisitions and will also benefit from a pipeline of
future commercial assets in Singapore that Hongkong Land may develop.

 

SCPREF offers unique exposure at scale to one of Asia's most strategic and
prestigious locations in the heart of Singapore, comprising premium Grade A
office assets with high occupancy, housing blue-chip multinational tenants,
and excellent connectivity via integrated walkways linked to multiple MRT
stations.

 

Michael Smith, Chief Executive of Hongkong Land, said: "In launching the
Singapore Central Private Real Estate Fund, we again demonstrate our ability
to execute our strategy through recycling capital to create shareholder value,
as well as validating our value proposition in ultra-premium integrated
commercial properties in Singapore, one of Asia's leading gateway cities. The
creation of SCPREF is a pivotal step in expanding Hongkong Land's capital
management and investment platform.

 

We are delighted to partner with QIA by contributing world-class office assets
in Singapore to create SCPREF and welcome the entry of QIA and APG as founding
investors in the fund, alongside an established Southeast Asia sovereign
wealth fund and other investors to come. This partnership shows the strength
and global appeal of Singapore's prime office market and Hongkong Land's
ability to steward these best-in-class assets."

 

The support of global sovereign wealth funds and pension funds exemplifies the
quality and global stature of institutional capital attracted to SCPREF,
providing long-term institutional capital to support the Fund's disciplined
growth strategy. SCPREF has committed equity of S$4.1 billion (US$3.2 billion)
with over S$1.8 billion in third party capital, endorsing the value of the
assets contributed into the Fund. Hongkong Land holds a majority stake in the
Fund, reinforcing strategic alignment with its investors. The Fund is
currently in active discussions to bring in additional institutional
investors.

 

The establishment of SCPREF marks the launch of Hongkong Land's capital
management business, a strategic initiative to broaden its investment
platform, growing resilient new fee income, and continuously attracting
long-term institutional capital partners into its open-end core fund
structure.

 

Hongkong Land will act as fund manager, responsible for executing SCPREF's
investment mandate, and as property manager, overseeing day-to-day operations.
Drawing on its deep real estate experience, Hongkong Land will manage SCPREF's
investments to create value and scale the fund over time.

 

Accelerating capital recycling & extension of the buy-back programme

 

The launch of SCPREF, with its current committed capital, and the net proceeds
from the sale of Marina Bay Financial Centre T3 has enabled Hongkong Land to
receive net proceeds of US$1.3billion of capital, increasing the total
proceeds from recycling activities since 2024 to US$3.4billion, over 80% of
its 2027 US$4 billion target.

 

This additional recycled capital will be used to improve shareholder returns,
strengthening the balance sheet as the Company looks for new investment
opportunities aligned with its strategy. Additionally, the Company's share
buyback programme will be increased by an additional US$300 million, bringing
the total amount allocated to the programme to US$650 million (since 2024),
reflecting approximately 20% of the US$3.4 billion capital recycled to date.

 

This extended buyback programme will continue through to 30 June 2027 and will
be activated after the Company's 2025 annual results which are scheduled to be
released on 5 March 2026. The Company intends to cancel any shares which are
repurchased, reducing the number of outstanding shares in issuance. The speed
with which the buyback programme is executed is discretionary and subject to
market conditions.

 

Commitment to sustainability

 

Hongkong Land continues its responsible investment leadership with SCPREF, a
strategy that generates long-term value from sustainable real estate. SCPREF
launches with a strong sustainability profile. Its premium, high-performing
assets are certified under Singapore's BCA Green Mark Platinum or Super Low
Energy standards, supporting QIA and APG's responsible investment principles.
As a signatory to the United Nations-supported Principles for Responsible
Investment, Hongkong Land is committed to science-based targets for emissions
reduction and maintains a leadership position as a Global Listed Sector Leader
in the Global Real Estate Sustainability Benchmark (GRESB). This foundation of
proven ESG excellence positions SCPREF to attract leading institutional
capital, align with the values of premium tenants, and contribute to the
sustainable vitality of Singapore's communities.

 

Hongkong Land

 

Hongkong Land is a major listed property development, investment and
management group. It focuses on developing, owning and managing ultra-premium
mixed-use real estate in Asian gateway cities, featuring Grade A office,
luxury retail, residential and hospitality products. With over US$50 billion
in assets under management, Hongkong Land's premium and ultra-premium
mixed-use real estate footprint spans over 1.82 million sq. m. lettable area
in operation and 1.57 million sq. m. lettable area under development, with
flagship mixed-use projects in Hong Kong, Singapore and Shanghai. Its
properties hold industry leading green building certifications and attract the
world's foremost companies and luxury brands. Established in 1889, Hongkong
Land takes a long-term view, investing significantly alongside its capital
partners and concentrating its portfolio where it can create the most value
for tenants, customers and investors. Hongkong Land Holdings Limited has a
primary listing on the London Stock Exchange, with secondary listings in
Singapore and Bermuda. Hongkong Land is a member of the Jardine Matheson
Group.

 

- end -

 

For further information, please contact:

 

 Hongkong Land
 Louise Corbett     +852 2842 8541  louise.corbett@hkland.com
 Sophia Wong        +852 2842 8262  sophia.wong@hkland.com

 SEC Newgate
 Will Brocklehurst  +852 6021 8313  hkl@secnewgate.hk

 

This and other Group announcements can be accessed via the Hongkong Land
corporate website at 'www.hkland.com'.

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