Suntec Singapore International Convention &
Exhibition Centre has been acquired by ARA Asset Management
Limited through the ARA Harmony Fund.
ARA closed the Harmony Fund for the acquisition, amounting to Sin$235 million. The fund’s investors
include Suntec REIT and private financial investors. ARA will
be the asset manager and convention & exhibition service
provider for Suntec Singapore after the transaction completes.
“We are delighted to have secured this opportunity for our
investors and very excited at the prospect of managing Suntec
Singapore, an internationally recognized landmark,” said ARA
Group CEO John Lim. “With approximately 1 million square feet
of real estate space strategically located in the Marina Bay
area, Suntec Singapore is a prized asset with excellent potential
for enhancement. Given our role as the manager of Suntec REIT
which owns the adjoining Suntec City Mall, ARA is in a good
position to tap the synergistic potential of the two
Suntec Singapore expects to tap on the synergies with
ARA and also Suntec REIT, which owns properties including
Suntec City, Singapore’s largest integrated commercial
development (including one of Singapore’s largest shopping
malls), Park Mall, Chijmes, and one third interest in One Raffles
Quay. Suntec REIT is also managed by ARA.
“This is going to
be a unique opportunity for us to take advantage of our
achievements and proven track record,” said Pieter Idenburg, CEO
of Suntec Singapore. “The
new investors have a vision of building on our award-winning
convention and exhibition centre and we look forward to working
with ARA and Suntec REIT to draw upon each other’s expertise.”
The acquisition, to be completed in October,
is not expected to affect the
running of the operations and it will be business as usual for the
Suntec Singapore began its proud history in
the mid- eighties when it was conceptualized by a group of
investors from Hong Kong.
Since opening its doors in 1995, Suntec
Singapore has made its mark in hosting a myriad of iconic
events of diverse nature within its premier convention facility.
To date, the venue has hosted close to 15,000 events; some of
which include the World Trade Organization Ministerial Meetings
in 1995, the Annual Meetings of the Board of Governors of the
International Monetary Fund and World Bank Group in 2006, and
more recently the Singapore International Water Week,
and Tax Free World Association.
This November, Suntec Singapore
will host APEC Leaders Week and will serve as
one of the largest sporting venues for the inaugural Youth
Olympic Games in 2010.
To prepare for these upcoming major
events, the venue is bringing a fresh new look to its Ballroom
and pre-function areas. Additional meeting space has been
created in the lobby to include three state-of-the-art new meeting
rooms. Mobile registration counters have also been introduced
to allow flexibility for organisers.
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