SEB Asset Management has increased its exposure in Asia by the acquisition of the Chinatown Point shopping centre in Singapore via a joint venture with Asian partners.

SEB Asset Management has increased its exposure in Asia by the acquisition of the Chinatown Point shopping centre in Singapore via a joint venture with Asian partners.

About 30% of the transaction is attributable to the SEB ImmoPortfolio Target Return open-ended real estate fund and another 30% to a segregated account managed by SEB. The parties agreed not to disclose the purchase price.

Chinatown Point is located in the city centre of Singapore at the corner of New Bridge Road and Upper Cross Street, directly above the Chinatown underground station.

The property, which was constructed in 1980, has total rental space of 16,446 m2. There is office space located above the retail space and 361 underground parking spaces are available for visitors and employees. Chinatown Point already has a letting rate of 95%. Modernisation work should
further increase the letting rate and rental income over the coming years, SEB said.

Choy-Soon Chua, managing director at SEB Asset Management, has more plans to expand in Asia. Click on the link below to read the article