Link REIT buys 50.1% stake in Singapore mall for S$239.5m
Link REIT has agreed to buy a 50.1 per cent stake in Eastpoint Mall in Singapore from Income Insurance for S$239.5 million, forming a strategic partnership. The deal is expected to close in the first quarter of 2027, with asset enhancement works to begin next year.
Link REIT has agreed to acquire a 50.1 per cent interest in Eastpoint Mall in Singapore from Income Insurance for S$239.5 million (about HK$1.4 billion), the companies announced. The two firms will form a strategic partnership to further develop the mall's growth potential.
Eastpoint Mall is located in a suburban area of eastern Singapore, with direct access to Simei MRT station. The property has a gross leasable area of approximately 214,000 sq ft. Upon completion of the transaction, Income Insurance will retain the remaining 49.9 per cent stake.
John So, Executive Director and Chief Investment Officer of Link REIT, said the company's current focus remains on divesting non-core assets. However, he described the Eastpoint Mall investment as an attractive opportunity offering capital efficiency that fully demonstrates Link REIT's strengths in owning and actively managing retail assets in the Asia-Pacific region.
Chua Yian Cheong, Chief Investment Officer of Income Insurance, said Eastpoint Mall has long served as an important retail and community hub in eastern Singapore. He expressed confidence that the partnership with Link REIT would support the revitalisation of both the mall and the surrounding community.
The transaction is expected to be completed in the first quarter of 2027. Link REIT will fund the purchase through internal resources and debt financing. The two parties plan to carry out phased asset enhancement works, with construction expected to begin next year. Eastpoint Mall will continue normal operations during the enhancement period.
After the deal closes, Link REIT will manage three retail properties in Singapore: Eastpoint Mall, Jurong Point and Ang Mo Kio Hub.