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Wharf REIC to buy 2 Singapore properties from Wheelock for HK$6.42B


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Wharf REIC to buy 2 Singapore properties from Wheelock for HK$6.42B

Wharf Real Estate Investment Co. Ltd. is purchasing the Scotts Square and Wheelock Place in Singapore from Wheelock & Co. Ltd. for HK$6.42 billion.

The purchase price includes a HK$2.11 billion loan held by Star Attraction Ltd., a unit of Wheelock that holds the properties.

Scotts Square is a residential-and-retail development that occupies an approximately 5,215.5-square-meter freehold site. It comprises two towers with 338 residential units and a retail podium with a total gross floor area of about 12,161 square meters.

Wheelock Place includes an office building, a shopping podium and car parks. It sits on a roughly 7,847.3-square-meter leasehold site and has a total gross floor area of approximately 43,265.6 square meters.

Wharf REIC noted in a Dec. 18 filing that it will use a combination of internal resources and borrowings to finance the transaction.