Link Reit confirms S$239.5 million acquisition of 50.1% stake in Eastpoint Mall

[SINGAPORE] Hong Kong-listed Link Real Estate Investment Trust (Reit) will acquire a 50.1 per cent stake in Eastpoint Mall from Income Insurance for S$239.5 million.

The announcement on Tuesday (Nov 10) confirms an earlier report by The Business Times that Link Reit was in talks to acquire a partial stake in the suburban mall.

Income Insurance will retain the remaining 49.9 per cent stake in the property, while Link Reit will take over as the mall’s asset and property manager.

The transaction is expected to be completed in the first quarter of 2027. Link Reit will fund the acquisition through internal resources and debt facilities.

Located next to Simei MRT station, Eastpoint Mall has about 214,000 square feet of net lettable area.

Link Reit and Income Insurance will also undertake a phased asset enhancement initiative, with works expected to start in 2027. The mall will remain open throughout the refurbishment works.

THE BUSINESS TIMES INSIGHTS

Powering Asean's Future 2026

Find out how enterprises are navigating power constraints and sustainability targets

ACCESS THE INSIGHTS

Following the completion of the deal, Link Reit will manage three retail assets in Singapore: Eastpoint Mall, Jurong Point Mall and AMK Hub, which it manages on behalf of Mercatus Co-operative, the real estate investment arm of NTUC Enterprise Co-operative.

The deal was brokered by JLL. It comes as Link Reit continues to recycle capital from its portfolio; it now aims to focus on its core businesses of owning and actively managing shopping malls and car parks in the Asia-Pacific.

“We see opportunities to unlock further value through active asset management and targeted asset enhancement initiatives which will strengthen Eastpoint Mall’s positioning and relevance within the local community,” said Ellina Chia, Link’s head of Singapore Regional Centre.

SEE ALSO

Indonesian party in exclusive due diligence to buy Income Centre for over S$265 million

Schroders seeking sale of Wisteria Mall in bid to offload Singapore properties

Recent divestments undertaken by the Reit include the sale of its entire interest in 700 Nathan Road, a commercial property in Hong Kong’s Mong Kok district, for HK$2.3 billion (US$290 million), and the retail space at Thomson Plaza in Singapore for S$250 million.

For Income Insurance, the sale of Eastpoint Mall comes as part of efforts to optimise its property portfolio and recycle capital to generate long-term returns for policyholders.

The insurer appointed CapitaLand Investment as its real estate investment manager earlier this year. CLI is advising Income Insurance on the deal and the mall’s asset enhancement strategy.