M&G Real Estate, the real estate investment unit of UK-based insurer Prudential PLC, plans to fund Singaporean infrastructure consultancy firm Surbana Jurong in its acquisition of new headquarters (HQ) with a 400 million Singaporean dollar ($294.4 million) investment.
The deal, where M&G has agreed to finance Surbana’s new headquarters, is in line with M&G’s core Asian property strategy and marks its first business park office investment in Singapore.
Surbana Jurong said that the HQ will be built by its investment arm, Surbana Jurong Capital, in the upcoming Jurong Innovation District in the city-state on the land parcel acquired by M&G Real Estate.
The office building, which comprises of seven floors and two basement levels, will accommodate up to 4,000 employees and will be fully leased to Surbana Jurong on a long-term basis upon completion.