Savills Investment Management GmbH
SEB Asset Management sells office building in Singapore
SEB Asset Management / Key word(s): Real Estate/Disposal SEB Asset Management sold its share in the 23-storey '79 Anson Road' office building in Singapore to United Engineers Developments Pte. Ltd. In December 2007 SEB Asset Management acquired twelve strata titled storeys of the building with total office space of approximately 10,350 sqm for SEB Asian Property Fund, its Luxembourg-registered special real estate fund. Its share comprised approximately 54% of the Grade A building. The selling price was the equivalent of EUR 136.6 million, 16% above appraisal value. 'Singapore recovered very quickly from the financial crisis. With the sale of 79 Anson Road we profit from the high demand for core properties currently seen on the Singaporean market,' says Choy-Soon Chua, Managing Director, responsible for real estate investment at SEB Asset Management. 'Together with the second partial owner, we decided to sell the property jointly in order to achieve the highest possible selling price.' Formerly known as 'Phoenix Tower', the 79 Anson Road building is located in Singapore's central business district (CBD), Tanjong Pagar. The property was built in 1992 and its lobby and lift area were given a thorough facelift in 2010. Temporarily vacant space could be fully let to new tenants. After entering the market in 2006, SEB Asset Management currently manages 13 properties in the Asia-Pacific region worth approximately EUR 1.38 billion from its office in Singapore. 'We will continuously develop and actively manage our Asian property portfolio,' adds Chua. Alongside the SEB Asian Property Fund, which was launched in August 2007, SEB Asset Management offers three other vehicles focussing on the Asian real estate market: SEB Asia REI is aimed primarily at German institutional investors and pursues a core/core plus strategy, while SEB Asian Property II's core plus/value added approach targets international institutional investors and high net worth individuals. The SEB Asia Pacific REIT Fund allows institutional and private investors to invest in REITs (real estate investment trusts) in the Asia-Pacific region.
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202026 21.02.2013 |