Ho Bee Land invests €90 mil in European fund and Munich property

By Angela Teo / EdgeProp | March 28, 2018 12:57 AM SGT
Singapore-listed property company Ho Bee Land is investing €90 million ($145.8 million) in a Credit Suisse European property fund, as well as a commercial property adjacent to Munich Central Station in Germany.
The company will invest €40 million in CS Real Estate SICAV-SIF I — Credit Suisse (Lux) European Property Fund II. Incorporated in Luxembourg, the Credit Suisse fund invests its capital in real estate or real estate investment structures in key European cities.
Ho Bee Land will also purchase €50 million worth of notes in Clouse SA, Compartment 29, a public limited liability company under Luxembourg law. The proceeds from the notes will be invested in the Munich commercial property, which comprises a medical centre, retail outlets and offices. Occupying a site area of 484,380 sq ft, the commercial complex was completed in 1992.