ARA Asset Management Limited has announced that Suntec Real Estate Investment Trust (Reit) has completed the acquisition of a one-third stake in the Marina Bay Financial Centre, which includes the MBFC Tower 1 and 2, the Marina Bay Link Mall and 695 car park lots, for a total of S$1.495 billion.
“The Marina Bay Financial Centre is an iconic landmark development in Singapore and we are thrilled with this latest addition to ARA’s portfolio of assets under management (AUM),” said John Lim, chief executive of ARA Group.
“This transaction cements Suntec Reit’s position as one of the largest Reits in Singapore. It will also contribute materially to ARA’s recurrent income going forward and provide a sustainable lift to the Group’s earnings base.”
“With this acquisition, ARA’s AUM will increase from S$14.7 billion as at 30 September 2010 to over S$16 billion,” said Mr. Lim.
Suntec Reit is being managed by ARA Trust Management (Suntec) Limited, which is a wholly-owned subsidiary of ARA Asset Management Limited.