Le mie ricette per la real estate communitySEB Asset Management sells office building in Singapore
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.
Source : Company