Ho Bee Land Sells 49% Stake in life science asset for $408m to sovereign wealth fund

Ho Bee Land has agreed to sell a 49 percent stake in HB Universal Pte Ltd., at an agreed property value of S$555 million ($408 million). The new partner is an unnamed sovereign wealth fund. 

HBU is the entity that holds Elementum. 

Elementum is a state-of-the-art biomedical life-science development designed by Skidmore, Owings & Merrill (SOM). It is located in one-north, Singapore’s premier life sciences hub, and consists of 445,300 square feet in gross floor area. Awarded the Green Mark Platinum by the Building and Construction Authority, the 12-story development boasts biophilic terraces, modular laboratories, offices and F&B spaces, as well as end-of-trip facilities for the community. Element