ARA Asset Management finally has a full house in its hand of cards – the real estate fund management firm added the Suntec International Convention & Exhibition Centre to its portfolio of Suntec-brand properties on Saturday.
ARA, an affiliate of Li Ka-shing’s Cheung Kong group, sealed the $235 million deal for the convention centre with Suntec City Development Pte Ltd, of which Mr Li is an indirect shareholder. This deal will add one million square feet of space to ARA’s portfolio.
With this acquisition, ARA will own both the convention centre as well as most of the office and mall space in Suntec City, come the finalisation of the deal in October. The office and mall spaces are owned by Suntec Reit, which is managed by ARA.
The convention centre, however, will be owned separately under the ARA Harmony Fund which was created by ARA for this purpose. Continue reading
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