SLB Development Ltd (“SLB”), a diversified property developer listed in Singapore has acquired a 20% equity stake in Pinnacle Investment Management Limited (“PIML”) and co-invested into the Pinnacle Residential Fund.
Christopher Turnbull, Director of Pinnacle Investments, said: “We are delighted to welcome SLB as a shareholder of PIML. They have been a great supporter of the Pinnacle Residential Fund and share our vision for building a leading, professionally managed residential portfolio. SLB is an experienced, award winning development and investment company with projects across Asia. We will benefit greatly from this shared experience and knowledge, and look forward to building further on what has already proven to be a successful partnership.”
Mr Matthew Ong, Executive Director and CEO of SLB, said, “The diversification of our business into fund management has proven to be a winning strategy through the creation of new and recurring income streams for sustained growth. We are pleased to be able to leverage on our partnership with Pinnacle Investments, because of their strong expertise and specialised knowledge of the UK property development market. We believe that our continued investments into the UK’s Private Rented Sector is aligned with our objective of seeking out prudent investment opportunities which will provide a steady source of recurrent income in the years to come.”