ARA HARMONY II

Established2009TypeOpen-ended investmentGross Asset ValueS$661.5 millionInvestment StrategyValue-added, with potential for opportunistic returnsAsset ClassConvention and exhibition centre, with partial conversion to retail mallMarketSingapore

OVERVIEW

ABOUT ARA Harmony II (SSCEC) is a single-asset investment in Suntec Singapore Convention & Exhibition Centre (SSCEC).
STATUS Acquired SSCEC in 2009 and undertook a major asset enhancement programme involving both modernisation of the convention centre and partial conversion into a shopping mall.
HIGHLIGHTS

Initial investors have realized their investment at an IRR of 65% over two years. At the end of the initial 5-year term, the incumbent investors enjoyed an IRR of over 27%.

The asset enhancement programme was successfully completed in June 2013, resulting in a multiple-fold increase in asset value.