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Open-ended real estate fund UniImmo: Global (Union Investment ) has sold Singapore commercial building “The House of Tan Yeok Nee” at a profit. The buyer is ERC International Private Limited. The sale price was around EUR 38.7 million and thus approximately EUR 17.7 million above the purchase prize in 2007. Before it was renovated in 2001, the historical 19th century building comprising 2,100 sq m of rental space was the mansion of a Chinese merchant. The entire building is now used by The University of Chicago Booth School of Business. The House of Tan Yeok Nee is located close to the Vision Crest Commercial office building, which is likewise fully let. Union Investment acquired Vision Crest Commercial for UniImmo: Global together with The House of Tan Yeok Nee, which was declared a national monument in 1974.
After taking profits recently by selling properties in Singapore and South Korea, Union Investment is planning further acquisitions in Asia for its funds. “In addition to Singapore, Seoul and Shanghai both offer good conditions for office investments at present,” says Volker Noack, a member of the management team at Union Investment Real Estate GmbH. Over the next five years, Union Investment Real Estate intends to invest up to EUR 1 billion in the Asian growth markets on behalf of its global real estate funds. The company has had a local office in Singapore since 2006.
Fonte: CS della Società
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