With S$8.2bn of assets under management at inception, the transaction makes SCPREF the largest commercial private investment fund in Singapore.
SCPREF is a perpetual open-end fund focused on high-quality, income-producing commercial assets in Singapore’s Central Business District and Orchard Road District and is targeted to reach at least S$15 billion in gross asset value. Its initial portfolio represents a combined 2.6 million square feet of effective net lettable area.
QIA is one of the founding investors in SCPREF, alongside APG Asset Management. Asia Square Tower 1, a premium Grade A office tower which was wholly-owned by QIA, is a part of the fund’s initial portfolio.
The Linklaters cross-practice and multi-jurisdictional team was led by corporate partner Robert Elliot and supported by counsel Grace Wong, drawing on the firm’s integrated global platform and extensive network of specialists, including:
1. Investment funds managing associates Zhuo Yang Ng and May Tan
2. Banking partner Dior Lin
3. Tax partner Chris Smale and tax counsel Matthew Russo
4. Real estate partner Matthew Plaskow
Corporate partner Robert Elliot commented:
“We are proud to have supported QIA on this landmark partnership with Hongkong Land and thank them for their continued trust to support them on their strategic priorities. The launch of SCPREF underscores Singapore’s position as a pre-eminent gateway for global institutional capital.
With over 50 years’ experience in Asia, we continue to deepen our roots in the region, and this transaction is a clear example of how our fully integrated global platform delivers for clients. A big thank you to our outstanding teams across Singapore, Hong Kong SAR, London and New York for their seamless collaboration in support of our vision to be the number one global legal team in Asia.”
