Foreign Property News | Posted by Zarni Kyaw
Gaw Capital Partners has closed on the acquisition of Robinson 77, an office building in Singapore’s Tanjong Pagar area, from a fund managed by CLSA Capital Partners, according to sources familiar with the transaction.
In the deal which was finalised on Thursday, CLSA Capital, a fund manager controlled by China’s CITIC Group, achieved a price of approximately S$710 million ($526 million) for the 35-storey grade A property just over two years after acquiring the building for S$530 million.
For Gaw Capital, the acquisition gives the Hong Kong-based fund manager its second commercial asset in Singapore after office rents increased 7.4 percent last year in the face of a supply shortage and increasing demand from occupiers.
For CLSA the disposal is an opportunity to record a capital gain of just over 25 percent on the deal which was originally signed in late December.
After purchasing the building then known as 77 Robinson Road from a fund managed by Savills Investment Management for S$526 million in November 2016, CLSA had invested an estimated S$30 million in renovations of the property.
Ref: Property Report