Schroders seeks sale of Wisteria Mall in bid to offload Singapore properties, Digi Mart USA News (Singapore): Schroders is planning to sell some of its real estate assets in Singapore and has appointed two brokers to raise around S$220 million from the sale of a mall, according to people familiar with the matter.
The London-based asset manager, which was acquired by Nuveen last month, wants to sell Wisteria Mall, a suburban two-storey retail asset in northern Singapore, according to the same people. Brokers Knight Frank and Savills are running an expression of interest exercise that is due to close in late November, the people said, asking for anonymity to discuss a private process.
The mall was bought in 2022 for S$208 million by Schroders’ Pamfleet Real Estate Fund III, according to a media report at the time. It has an occupancy level of 93 per cent, according to the people.
The attempted sale adds to an earlier push to sell a hotel in the city-state that Schroders co-owns with TPG Angelo Gordon. A sale process was conducted by Jones Lang LaSalle for S$320 million in 2024, although the asset has yet to be sold.
“We regularly review our real estate portfolios and consider opportunities in the best interests of our investors,” said a spokesperson for Schroders Capital, the firm’s private markets investment arm. A Savills spokesperson declined to comment, and a Knight Frank spokesperson did not immediately respond to a request for comment.
Commercial property sales in Singapore have soared this year, totalling about US$20 billion in the first three quarters, more than triple the figure from a year earlier, according to MSCI. The boom has been driven in part by softer pricing expectations as owners look to sell assets, especially as funds begin to mature.
