Hongkong Land Buys $422 Million Stake In Suntec REIT, Betting On Singapore Property Boom

Hongkong Land Holdings acquired a 10.8% stake in Suntec Real Estate Investment Trust from ESR Group for S$541 million ($422 million) in cash -- a discount to Suntec's appraised NAV. Suntec REIT's portfolio spans office and retail assets across Singapore's CBD, including one-third stakes in Marina Bay Financial Centre and One Raffles Quay.