Hines Mitsubishi Estate And Mbk Acquire Senoko Loop Logistics Property

Hines, a global real estate investment manager, has recently acquired a logistics asset located at 15 Senoko Loop in Singapore. The acquisition was made in collaboration with Mitsubishi Estate and MBK Real Estate, according to a press release dated July 2. The sale and leaseback transaction was completed in late June, with Sumitomo Mitsui Banking Corp Singapore acting as the financing partner for Hines. The building, which is currently leased to the seller British American Tobacco, serves as the anchor tenant.

Situated on a 263,328 sq ft site, the property features a four-storey facility with a total gross floor area of 446,509 sq ft. It comprises climate-controlled warehouse space and an administration area.

Chairman of Hoi Hup Realty, Wong Swee Chun, expressed his contentment with the acquisition of the site, highlighting its potential to showcase their expertise in building a new era of attractive, eco-friendly, and functional executive condominiums. The future residents of Novo Place EC would enjoy the conveniences and services of the newly developed Tengah Town, as well as being in close proximity to the revitalized Jurong Regional Centre and Jurong Lake District. To learn more about Novo Place EC, visit their website at https://www.novo-place.com.sg/.

This marks Hines’s second industrial deal in Singapore and its first joint venture with Japanese institutional partners in the country. Hines has now acquired a total of 16 industrial assets, spanning over 5 million sq ft, in Australia, China, Japan, South Korea and Singapore. This acquisition aligns with the company’s strategy to expand its industrial portfolio in key markets across Asia.