Bidding War Heats Up for NTUC’s Prime Retail Assets
CapitaLand Integrated Commercial Trust (CICT) and Link Real Estate Investment Trust (Link Reit) are among the key contenders vying for NTUC Enterprise Co-operative Ltd’s S$4 billion portfolio of shopping malls in Singapore, according to sources familiar with the matter.
CICT is currently exploring financing options for the potential acquisition, while Link Reit, based in Hong Kong, is collaborating with an advisor on its bid. The portfolio is also attracting interest from other prominent players, including Frasers Property Ltd. Non-binding bids for the assets are expected to be submitted by the end of the month.
The assets in question are held by Mercatus Co-operative, a unit of NTUC, which manages some of Singapore’s largest malls, including AMK Hub, Jurong Point, and Swing By @ Thomson Plaza. Mercatus also co-owns NEX and holds significant office space with properties like One Marina Boulevard.
Mercatus confirmed it is conducting a strategic review of its real estate holdings, which are valued at over S$10 billion. While deliberations continue, there is no guarantee that any deals will be finalised. Representatives from CICT, Link Reit, Frasers Property, and Mercatus declined to comment on the ongoing discussions.
