Link REIT Sells Swing By @ Thomson Plaza Retail Asset in Singapore for S$250M

Link REIT, the manager of Link Real Estate Investment Trust (Link REIT; Hong Kong stock code: 823), announced Wednesday that it has entered into agreements with Jack Investment Pte Ltd and Pangjwee Development Pte Ltd for the sale of its property interests in Swing By @ Thomson Plaza, a retail property located in Singapore, for S$250 million.

The transaction is expected to be completed in the second quarter of 2026. The sale price represents a premium to the property's most recent book valuation of S$202.6 million, recorded in September 2025. Link originally acquired the property for S$172.5 million.

Transaction Details and Strategic Rationale

Link REIT's Executive Director and Chief Investment Officer, John Saunders, described the divestment as consistent with the trust's ongoing portfolio optimisation strategy.

"While Link continues to focus on its core strength of retail malls in Asia Pacific and is keen to increase its exposure in Singapore, asset recycling remains an integral part of our active portfolio optimisation strategy. We regularly screen our assets to assess whether we believe we have maximised near term value with a decision to hold being effectively a decision to buy again at today's price," Saunders said.

Saunders added that the property "has performed well since acquisition, supported by targeted asset management initiatives undertaken by Link to improve the property's market position and operating performance," and that the disposal allows Link to "realise the value created through these initiatives and, where capital is deemed surplus to near term requirements, it allows us to return such capital to Unitholders."

About Swing By @ Thomson Plaza

Swing By @ Thomson Plaza is located in Singapore's Thomson neighbourhood and is directly linked to the Upper Thomson MRT station. The property occupies Levels 1 and 3 of the wider Thomson Plaza mall, representing approximately 56% of the overall mall. It houses more than 60 tenants offering food and beverage, retail, entertainment, and lifestyle options in a multi-concept format.

Link REIT's Portfolio Optimisation Strategy

The divestment is part of what Link describes as an active portfolio optimisation strategy centered on asset recycling — selling assets where value has been maximised in order to redeploy capital. Despite divesting this Singapore retail asset, Link has signaled an intent to increase its overall exposure in Singapore.

Link Asset Management Limited describes itself as a real estate investor and manager focused on the Asia-Pacific region. It manages Link REIT, one of the larger REITs in Asia, and operates a business line called Link Real Estate Partners aimed at serving capital partners through investment management. The firm's stated "REIT plus" investment thesis targets geographic and asset-class diversification across APAC.

Buyers and Closing Timeline

The buyers are Jack Investment Pte Ltd and Pangjwee Development Pte Ltd. No additional details about the buyers or the financing structure of the transaction were disclosed in the announcement. The transaction is expected to close in the second quarter of 2026.

The sale price of S$250 million compares to an original purchase price of S$172.5 million and a September 2025 book valuation of S$202.6 million.