SINGAPORE (Mar 26): Ho Bee Land, which has property investments and developments in Australia, China and the United Kingdom, is investing up to EUR 90 million ($146.3 million) in cash to diversify geographically and to optimise returns on its available funds.

The group has entered into an agreement with Credit Suisse AG, Singapore Branch to invest up to EUR 40 million in the CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Property Fund II which invests in property or property investment structures in key European cities.

In addition, the group will invest another EUR 50 million by acquiring notes issued by Luxemburg-based Clouse SA, Compartment 29. The notes are being issued through private placement and the proceeds will be invested in a commercial property known as Correo in Munich, Germany.

Shares in Ho Bee Land closed 1 cent lower at $2.51 on Monday.