Foreign Property News | Posted by Shwe Zin Win
City Developments Ltd (CDL) and Alpha Investment Partners have agreed to sell a suburban office project in Singapore at a reported S$395 million ($291.5 million) valuation, marking the second divestment from a joint venture between the listed developer and the private equity division of Keppel Corp so far this year.
The pair are selling 7 and 9 Tampines Grande, a pair of eight-storey office blocks in eastern Singapore, to a fifty-fifty joint venture between listed-developer Metro Holdings and privately-held Evia Real Estate, according to an announcement to the Singapore stock exchange by Metro.
The transaction comes less than four months after CDL and Alpha, which participated in the joint venture through its Alpha Asia Macro Trends Fund (AAMTF) II, had sold the Manulife Centre on Singapore’s Bras Basah Road for S$555.5 million, with Metro saying it was investing in the Tampines properties due to both the positive outlook for suburban offices and the opportunity to break up the assets for sale on a strata title basis.
Metro is paying a cash consideration of S$45.6 million to purchase its 50 percent stake in the issued shares and related shareholders loans in the company which holds the 361,660 square foot (33,599 square metre) office property, according to its statement.
The development also includes shops and food and beverage outlets on the ground floor.
Ref: Property Report
