CapitaLand, Link REITs are vying for S$4 billion Singapore malls

·2-min read
CapitaLand, Link REITs are vying for  NTUC's S$4 billion Singapore malls
Mercatus, a unit of NTUC that holds the properties, owns and runs the AMK Hub. (PHOTO: Mercatus Co-operative Ltd)

By Vinicy Chan and Elffie Chew

(Bloomberg) — CapitaLand Integrated Commercial Trust and Link Real Estate Investment Trust are among bidders vying for NTUC Enterprise Co-operative Ltd.’s S$4 billion (US$2.9 billion) portfolio of shopping malls in Singapore, people with knowledge of the matter said.

CICT is sounding out sources of financing for the prospective transaction, while Hong Kong’s Link REIT is working with an adviser on a potential bid, said the people, who asked not to be identified as the information is private.

The assets are also drawing interest from other players in Singapore including Frasers Property Ltd. and Far East Hospitality Trust, the people said. Non-binding bids are due by the end of this month, they added.

Mercatus Co-operative Ltd., a unit of NTUC that holds the properties, is working with a financial adviser on the potential sale, Bloomberg News reported last month. Mercatus manages assets worth more than S$10 billion and is one of the largest mall owners by floor space in Singapore, according to its website.

Mercatus owns and runs the AMK Hub, Jurong Point and Swing By @ Thomson Plaza, and co-owns NEX. The company also has strata-titled assets within retail malls and at sites in various locations across Singapore, and One Marina Boulevard, a 31-story office building.

Deliberations are ongoing and the companies could decide not to proceed with offers, the people said. CICT regularly holds discussions with other parties and evaluate possible opportunities, its representative said in response to a Bloomberg News query, adding the company will make appropriate announcements should there be any material developments.

Representatives for Frasers Property, Link REIT and Mercatus declined to comment, while a representative for Far East Hospitality didn’t immediately respond to requests for comment.

—With assistance from Faris Mokhtar and Shawna Kwan.

© 2022 Bloomberg L.P.

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