Link REIT sells Thomson Plaza strata retail space for $250 mil, nearly 45% above purchase price
Swing By @ Thomson Plaza on Levels 1 and 3 of Thomson Plaza has been sold for $250 million to Jack Investment (Photo: Link Reit)
Hong Kong-listed Link REIT is divesting its retail strata units at Swing By @ Thomson Plaza for $250 million, marking a significant gain on its investment.
The sale covers retail space on Levels 1 and 3 of Thomson Plaza. The buyer is Jack Investment, owner of Leisure Park Kallang, together with Pangjwee Development, a private family investment vehicle of Han Chee Juan, chairman of Jack Investment. The deal was jointly brokered by Cushman & Wakefield and Savills Singapore.
In an April 9 announcement, Link REIT says the divestment price reflects a premium to the latest book valuation and underscores its ongoing asset recycling strategy.
The strata retail space was acquired for $172.53 million in December 2022. At $250 million, the sale price of Swing By @ Thomson Plaza represents a gain of about 44.9% over its purchase price.
The retail space is being sold for $250 million -- a nearly 45% premium to its purchase price of $172.53 million (Photo: Link Reit)
The asset formed part of a broader $2.16 billion portfolio acquisition from Mercatus Co-operative, the retail arm of NTUC, in December 2022, with the deal completed in March 2023. The portfolio included Jurong Point, which accounted for $1.99 billion of the total consideration.
“While Link continues to focus on its core strength of retail malls in Asia Pacific and is keen to increase its exposure in Singapore, asset recycling remains an integral part of our active portfolio optimisation strategy,” says John Saunders, executive director and chief investment officer of Link REIT.
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