Singapore-listed developer Ho Bee Land has sold a half stake in its 445,300 sq ft Elementum life sciences hub in the island’s One-North development.
The 49% share in special purpose vehicle HB Universal has been bought by an unnamed sovereign wealth fund at a price that values the building at S$555m (£328m).
The 12-storey development provides biophilic terraces, modular laboratories, offices, F&B spaces and end-of-trip facilities.
Ho Bee Land chief executive Nicholas Chua said: “The life sciences sector has witnessed unprecedented growth in recent years and we are pleased to enter into a strategic partnership with the SWF.
“They bring a wealth of experience and we are well positioned to explore new growth opportunities together, strengthening our commitment to innovation and excellence.”
Ho Bee Land added that beyond the immediate investment, the partnership paved the way for broader collaboration, exploring new avenues for strategic growth and development.
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