Chong Kee Hiong, CEO of Suntec REIT’s manager, calls the acquisition of Nova Properties a “strategic fit” to Suntec REIT’s existing portfolio in Singapore and Australia.
Suntec REIT is paying the Canada Pension Plan Investment Board £430.6 million ($756 million) for the latter’s 50% stake in two Grade A office buildings with ancillary retail at London’s West End.
The remaining 50% interest in Nova Properties, which includes Nova North, Nova South and The Nova Building, will continue to be held by UK-listed Land Securities Group, the developer and asset manager of the Nova Properties.
