Hongkong Land acquired Wheelock Place, mixed-use commercial complex located along Orchard Road in Singapore, for approximately $900 million US dollars. The operation was carried out through Singapore Central Private Real Estate Fund (SCPREF), marking first purchase of fund since its inception in February. Details were reported from South China Morning Post based on communication disseminated Thursday from Hongkong Land.

The property will be taken over by an entity controlled by Wharf Real Estate Investment Company, quoted company at Hong Kong. According to what communicated by Hongkong Land, completion of transaction is expected end-August. No further details provided regarding conditions necessary for completing transfer or authorization still needed.

With conclusion of acquisition, assets managed by SCPREF should rise from current $8.2 billion to $9.4 billion dollars. This would bring fund closer to goal set around $15 billion. Price agreed upon for Wheelock Place stated by society as in line with recent independent valuation not specified author nor criteria adopted.

Wheelock Place comprises building with 21 floors including space destined offices and retail structure. Complex also includes two underground levels occupied by shops and parking lot. Total area is about 43,280 square meters corresponding to 466,000 square feet according data from source.

Property located on Orchard Road and directly connected to Orchard MRT station. Location falls within one of two areas identified mandate investment SCPREF. Fund established acquire commercial properties capable producing revenue central financial district Singapore and zone Orchard Road.

Hongkong Land manages fund and holds largest share of shares. In connection with acquisition, group announced it will add capital to preserve majority stake SCPREF. Details new injection amount held prior operation or other investors' asset no specified.

Acquisition marks efforts Hongkong Land expand activity managing real estate funds. Use of SCPREF allows group place Wheelock Place market dedicated real estate Singapore while maintaining management position holding majority stake through additional capital announcement made society. Transaction signifies passage cost establishment first operation market.

Timing indicated now focus completion expected end-August. Uncertainty remains regarding details unspecified source provided. Society has not specified what else acquisitions may accompany fund reaching target patrimonial $15 billion.