SC Capital Partners has sold a suburban shopping centre in Singapore for S$276m (€196m) to a local investor.
SC Capital’s SC Core Fund has sold the 81,100sqft Riverside Mall in northern Sengkang at a 6% premium to its last valuation, seven years after acquiring the asset from AEW for S$230m.
Suchad Chiaranussati, chairman and founder of SC Capital Partners, said: “We are pleased to have achieved a positive outcome for our investors through the sale of Rivervale Mall. The asset has demonstrated resilient performance throughout our ownership period.
“The mall continued to serve its local community and maintain strong occupancy through the COVID-19 pandemic, demonstrating the strength of the asset and its underlying fundamentals. The successful divestment reflects the execution of our investment strategy and our commitment to delivering value for our investors.”
To read the latest IPE Real Assets magazine click here.
