Entities managed by SEB, a German fund manager, have taken a 60 percent stake in a consortium that purchased Chinatown Point shopping centre and four office units, said SEB Asset Management.
It said that a segregated account managed by SEB has taken a 30 percent stake, while the other 30 percent was taken by SEB ImmoPortfolio Target Return open-ended real estate fund.
City Developments said in July that it sold the shopping centre along with four office units in the tower to a consortium of investors led by Perennial Real Estate group for approximately $250 million.
SEB said in a statement that it has purchased the shopping centre through a joint venture with some Asian partners, and added that “modernisation work should further increase the letting rate and rental income over the coming years.”
SEB ImmoPortfolio Target Return Fund is targeted at high net worth private clients and institutional investors. The acquisition has expanded its portfolio to 46 properties in 13 countries.