Partnerships

TRANS CORP (Since 2001)
Trans Corp is the Media, Lifestyle, Retail and Entertainment arm of CT Corp, a diversified holding company with businesses across a wide spectrum of industries. Trans Corp’s businesses include two free-to-air news and entertainment television broadcast, Pay TV Channel, News Portal, shopping malls and hotels, indoor theme park and franchisee for certain food and beverage, as well as international high-end fashion franchises. Trans Corp also owns majority ownership of Trans Retail Indonesia (formerly Carrefour Indonesia), together with GIC.

Metro first collaborated with Trans Corp in 2001 when it opened its third store in Bandung Supermal. By 2008, Trans Corp had acquired a 40% stake in Metro Indonesia, and in recognising the country’s growing demand for Metro stores, Trans Corp increased its shareholding to 50% in 2010.

Today, Metro Indonesia is one of the leading retailers in the country, housing a wide range of well-known international and local brands. Metro Indonesia currently has 15 stores spread across Jakarta, Bandung, Surabaya, Makassar, Solo, Manado, Karawang and Medan.

In November 2017, Metro entered into further collaboration with PT. Trans Corpora for the development, marketing and sales of apartment units in Bekasi, Jakarta, Indonesia. In April 2018, Metro strengthened the partnership with PT. Trans Corpora with the development, marketing and sales of apartment and SoHo units in Bintaro, Jakarta, Indonesia.

In December 2019, Metro entered into a Deed of Sale and Purchase and sold its entire 50% equity stake in Metro Indonesia to Trans Corp. At the same time, Metro entered into a revised license agreement and granted to PT Metropolitan Retailmart permission to use its “Metro” trademarks in return for a fee payable to Metro.

BENTALLGREENOAK CHINA REAL ESTATE FUND (Since 2007)
BentallGreenOak is a leading global real estate investment manager with US$83 billion in assets under management as at 31 March 2023, and a global presence of 28 offices across 13 countries.

InfraRed NF Investment Advisers Limited (“InfraRed NF”) was a joint venture between InfraRed Capital Partners, a London-headquartered manager of specialist infrastructure and real estate funds, and Hong Kong’s Vervain Group (which includes entities operating under the former name of “Nan Fung China”). InfraRed NF was wholly acquired by BentallGreenOak in April 2021. Post acquisition, InfraRed NF was renamed BentallGreenOak Investment Advisers Limited (“BGO China”).

Metro’s partnership with BGO China started in 2007 with co-investments alongside InfraRed NF China Real Estate Fund, L.P. (“the Fund”), a fund managed by BGO China, with investments in EC Mall, No. 1 Financial Street and Metropolis Tower – in Beijing. In 2009 and 2011, Metro entered into joint ventures with the Fund and Tesco plc in six Tesco Lifespace malls in mainland China. Metro and the Fund have since divested their interest in all these developments.

In 2015, Metro invested in BentallGreenOak China Real Estate Fund II (A), L.P. (“Fund II”). Fund II is the follow-on fund to the Fund. In 2016, Metro extended the Group’s partnership with Fund II through a co-investment in a real estate debt instrument.

In 2018 and 2019, Metro invested in BentallGreenOak China Real Estate Fund III L.P. (“Fund III”) as well as co-invested with Fund III in real estate debt instruments.

TOP SPRING INTERNATIONAL HOLDINGS LIMITED (Since 2011)
Top Spring International Holdings Limited (“Top Spring”) is a real estate property developer in China specialising in the development and operation of urban mixed-use communities and the development and sale of residential properties in the Greater Bay Area, the centres of which are Hong Kong, Shenzhen and Guangzhou, as well as the economically dynamic regions including Shanghai. Metro acquired an initial stake of 5% in Top Spring when it was listed on the Main Board of The Stock Exchange of Hong Kong Limited in March 2011. Top Spring’s revenue stood at HK$3.7 billion for the year ended 31 December 2022.

In FY2013, Metro invested S$48 million for 30% equity in Nanchang Top Spring Real Estate Co., Ltd (“Nanchang Top Spring”), a partnership with Top Spring. Known as Nanchang Fashion Mark and located at Hong Gu Tan Central Business District in Nanchang, Jiangxi Province in China, the mixed-use development initially had total leasable/saleable gross floor area (“GFA”) of approximately 780,000 square metres (“sqm”). Metro and Top Spring divested their interest in Nanchang Top Spring in 2017/2018.

In December 2013, Metro acquired a 30% stake in Shanghai Shama Century Park from Top Spring for RMB524 million. The property operated as serviced apartments with a total of 284 residential units across a total GFA of approximately 49,357 sqm. All 284 residential units have been sold and handed over.

On 1 July 2014, Top Spring became an associated company of the Metro Group when Metro’s nominated representative was appointed to the board of directors of Top Spring as non-executive director. As at 31 March 2023, Metro has an equity stake of approximately 16.2% voting rights and 14.9% ownership interest in Top Spring.

In September 2017, Metro, together with Top Spring, acquired three office buildings in Bay Valley in New Jiangwan City, Yangpu District, Shanghai, for RMB 2.5 billion. Metro’s stake is 30%.

SCARBOROUGH GROUP INTERNATIONAL (Since 2014)
Founded by Kevin McCabe in 1980, Scarborough Group International (“Scarborough”) is one of the United Kingdom’s largest privately owned, mixed-use property developers. Over the last six decades, Scarborough has grown from a UK based real estate developer and investor into a global organisation with an award-winning portfolio of projects.

In the UK alone, Scarborough has delivered 6.3 million square feet of commercial space and 1,400+ residential units, with a gross development value totalling more than GBP4.5 billion and a further GBP4.0 billion in the pipeline.

In July 2014, Metro entered into a joint venture with the Scarborough Group acquiring a 25% stake in two land plots for GBP5.7 million in Manchester, United Kingdom – Middlewood Locks (a predominantly residential mixed-use development) and Milliners Wharf The Hat Box (a 144-unit new build residential development). The collaboration was further strengthened in February 2016, when Metro participated in another joint venture with the Scarborough Group to develop two office buildings on a site in Sheffield, United Kingdom.

LEE KIM TAH HOLDINGS LIMITED (Since 2017)
The Lee Kim Tah Group (“LKT Group”) built both its business and reputation upon sound foundations that date back to the 1920s. The LKT Group had its nascent beginnings when the late Mr Lee Kim Tah, who went on to become the founding Chairman of the LKT Group, took over the family business of supplying materials and labour to the British army, which was then stationed in Singapore. Steered by Mr Lee’s stalwart commitment to quality and innovation, the company grew to become a leader in the construction industry, as it introduced much needed modern construction technology to Singapore in the 1980s. The eventual listing in 1984 marked an important milestone for the local construction industry: the LKT Group was among the first few construction companies to be listed on the Singapore Exchange. The LKT Group was delisted from the Singapore Exchange in 2014.

Having firmly established itself in the construction sector, the LKT Group vigorously diversified into investment and property development. Its diversification saw the LKT Group successfully deliver a wide spectrum of developments, including luxury apartments, landed properties, shopping malls and hotels. The LKT Group’s footprint straddles across Australia, China, India, Indonesia and the United Kingdom.

In November 2017, Metro, together with Trans Corp and the LKT Group, entered into a joint venture to develop, market and sell five 32-storey residential towers in Bekasi, Jakarta, Indonesia. In January 2018, Metro entered into a 50:50 joint venture with the LKT Group to jointly acquire a freehold office property in London, United Kingdom. Another joint venture with Trans Corp and the LKT Group followed in April 2018 to develop, market and sell two residential towers in Bintaro, Jakarta, Indonesia.

In December 2020, Metro, through a newly formed strategic partnership with LKT Group and Woh Hup Holdings Pte Ltd, established a Purpose-Built Student Accommodation fund, Paideia Capital UK Trust, to expand further in the United Kingdom.

SIM LIAN GROUP OF COMPANIES (Since 2019)
Sim Lian is a group of companies with established businesses in property development, investment and construction.

Sim Lian Holdings Pte Ltd is an investment holding and development company, and Sim Lian Group Ltd is an established property development, construction and investment company with a strong track record spanning more than 40 years. The Group was listed on the Mainboard of the Singapore Exchange for 16 years from 2000 to 2016, and has a track record of residential, commercial, industrial, retail and mixed-use developments.

In November 2019, Metro expanded its regional footprint by investing 20% in a joint venture with Sim Lian that owns a portfolio of 14 quality freehold properties comprising 4 office buildings and 10 retail centres that span across 4 key states in Australia, namely New South Wales, Victoria, Queensland and Western Australia.

In November 2020, Metro, together with Sim Lian further expanded in New South Wales with the acquisition of Ropes Crossing Village Shopping Centre.

In 2021, Metro, together with Sim Lian acquired Cherrybrook Village Shopping Centre in New South Wales. Subsequent to this acquisition, Metro stepped-up its equity stake from 20% to 30% for the Australian portfolio.

In September 2022, Metro, together with Sim Lian further expanded in Victoria with the acquisition of Shepparton Marketplace. The acquisition brings the Australian portfolio to 17 quality freehold properties.

SIM LIAN-METRO CAPITAL (Since 2019)
To align the interest with Metro’s strategic partner, Sim Lian and to grow Metro’s asset management arm, Metro invested a 20% equity stake in an asset and investment management company, namely Sim Lian – Metro Capital Pte. Ltd., in November 2019 to manage the portfolio in Australia.

In October 2021, Metro stepped-up its equity stake to 30% in Sim Lian – Metro Capital Pte. Ltd.

EVIA REAL ESTATE (Since 2019)
Founded in 2010, Evia Real Estate (“EVIA”) is an owner, developer, and fund manager of diversified real estate classes across residential, industrial and logistics, commercial and retail in Singapore, South Korea and Japan. EVIA has made its mark by solidifying itself as one of the most recognised providers of investment opportunities across all sectors of the real estate market. In April 2019, Metro entered into a 50% joint-venture with an affiliate of EVIA to jointly acquire Asia Green, two blocks of premium Grade-A office towers in Singapore.

WOH HUP GROUP OF COMPANIES (Since 2020)
Woh Hup started out as a one-man construction company by the late Mr Yong Yit Lin in 1927 with $200. 96 years on, Woh Hup is one of Singapore’s largest privately owned construction and civil engineering specialists with a 2,500 strong workforce and professionals. Woh Hup is a principal player in the building of private residential and commercial developments. The company has a portfolio of notable and iconic projects including Clifford Pier, Gardens by the Bay and Jewel Changi Airport marking its progression alongside Singapore. Woh Hup also specialises in civil engineering projects where they build roads, flyovers, Mass Rapid Transport stations and tunnels. Woh Hup continually seeks to spearhead cutting-edge, innovative building solutions in the Singapore market and forges strategic joint-venture partnerships with overseas counterparts, facilitating its expansion and cementing its position at the forefront of the construction sector locally and regionally.

In December 2020, Metro formed a strategic partnership with an affiliate of Woh Hup and Lee Kim Tah Holdings Limited to establish a Purpose-Built Student Accommodation fund, Paideia Capital UK Trust, to acquire properties in the United Kingdom.

BOUSTEAD GROUP OF COMPANIES (Since 2020)
Established in 1996 and listed on the SGX Mainboard, Boustead Projects Limited (“BPL”) is a leading provider of innovative eco-sustainable real estate solutions with a regional presence across Singapore, China, Malaysia and Vietnam. To date, BPL has constructed and/or developed more than 3 million square metres of real estate for clients including Fortune 500, S&P 500 and Euronext 100 corporations across diverse sectors like aerospace, pharmaceutical, high-tech manufacturing, logistics, technology and waste management, among others.

BPL is a subsidiary of Boustead Singapore Limited (SGX:F9D), a progressive global infrastructure-related engineering and technology group which is separately listed on the SGX Mainboard.

In December 2020, Metro deepened its presence in Singapore by acquiring a 26% stake in a portfolio of 14 quality properties, comprising six industrial properties, one business park, four high-spec industrial properties and three logistics properties, via the subscription of 26% of the units and 7.0 per cent. notes due 2031 in Boustead Industrial Fund (“BIF”).

In October 2021, Metro acquired 351 Braddell Road, another high-spec industrial property, via a further subscription of 26% of the units and 7.0 per cent. notes due 2031 in BIF.

In January 2023, Metro acquired J’Forte Building, a high-spec F&B focused industrial property, via a further subscription of 26% of the units and 7.0 per cent. notes due 2031 in BIF. The acquisition was completed in April 2023. This acquisition brings Metro’s total portfolio under BIF to 16 properties.

PAIDEIA PARTNERS PTE LTD (Since 2020)
To align the interest with Metro’s strategic partners, LKT Group and Woh Hup, and to grow Metro’s asset management arm, Metro invested a 33.3% equity stake in an asset and investment management company, namely Paideia Partners Pte. Ltd. (“Paideia Partners”), in December 2020 to manage the purpose-built student accommodation portfolio in the United Kingdom. Paideia Partners is the fund manager to Paideia Capital UK Trust.