Singapore-listed property group Ho Bee Land has sold a 49% share of its HB Universal (HBU) platform for S$134m (€92.6m) to an unnamed sovereign wealth fund.
The buyer of the interest in the vehicle, which holds the 12-storey Elementum life-science building, is represented by an entity incorporated in Singapore, known as Fermium 257.
Elementum, located in Singapore’s premier life sciences hub One-north was completed last year and houses 445,300sqft of gross modular laboratories, offices and amenities.
Nicholas Chua, CEO of Ho Bee Land, said: “The life sciences sector has witnessed unprecedented growth in recent years, and we are pleased to enter a strategic partnership with the SWF.
“They bring a wealth of experience, and we are well-positioned to explore new growth opportunities together, strengthening our commitment to innovation and excellence.”
Chua said that beyond the immediate investment, the partnership paved the way for broader collaboration, exploring new avenues for strategic growth and development. “The combined expertise and resources of the partnership will unlock new growth opportunities and create long-term value for all stakeholders.”
The company said the proposed transaction which was part of its capital recycling strategy, would deliver an estimated gross gain of S$34.8m.
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