Clifford Chance advises APG on its cornerstone investment in Hongkong Land’s Singapore Central Private Real Estate Fund

Global Law Firm Clifford Chance has advised APG Asset Management N.V. (APG), acting on behalf of its pension fund client ABP, on its cornerstone investment in Hongkong Land’s inaugural private real estate fund, the Singapore Central Private Real Estate Fund (SCPREF). The fund launched with S$8.2 billion (US$ 6.3 billion) in assets under management, establishing it as Singapore’s largest office focused private investment platform.

SCPREF marks an important development in Hongkong Land’s capital management strategy. The fund is structured as a perpetual open-ended vehicle and provides long term institutional access to a portfolio of premium, fully green certified commercial assets in Singapore’s core business districts. The structure supports Hongkong Land’s ambition to expand its third-party capital platform as part of its long-term growth objectives.

APG’s commitment represents 15 percent of the fund’s initial AUM, equivalent to more than EUR 420 million (S$630 million or US$500 million).

The Clifford Chance team was led by partners Bryan Koo and Daryl Liu, with support from senior associates Cecilia Chan, George Lau, Nicole Chua and Rebecca Liu, associates Phoenix Chiu, Yasmin Yousoof and Winky Su, and trainee solicitor Vicky Or. The team advised APG on all legal aspects of its cornerstone participation in the fund.

For more details about the transaction, see APG's announcement here.