ARA Asset Management has acquired Robinson Centre, an office building located at 61 Robinson Road Singapore, via one of its private real estate funds. The purchase price was not disclosed.
Robinson Centre is a prominent 20-storey office building located along Robinson Road within Singapore’s Central Business District (CBD).
Centred around major CBD nodes, the property is well-connected with close proximity to multiple massrapid transit stations and bus lines, providing excellent accessibility.
With a net lettable area (NLA) of over 130,000 square feet including F&B units on the ground floor, Robinson Centre offers some of the highest floor-to-ceiling heights of 3.5 metres, compared to the typical 3-metre height of recent grade A office developments in the Singapore CBD. The spacious floor plans also provide for efficient 360-degrees contiguous floor space.
“The successful acquisition of Robinson Centre demonstrates ARA’s extensive network and excellent deal-sourcing capabilities. True to our investoroperator philosophy, we are ready to execute our asset enhancement plans to rebrand, reposition and revitalize the property,” said David Kim, Acting CEO of ARA Private Funds.
ARA plans to implement extensive asset enhancement initiatives that will potentially include refurbishment and upgrading of the existing building façade and interiors, among others. With a short WALE of 1.5 years, there is also the opportunity to reposition the Property through active leasing.
Robinson Centre is the Group’s 12th asset acquisition this year, following 51 Bras Basah Road in Singapore, Seoul Square in Korea, 133 Mary Street, 55 Currie Street, 182-198 Maidstone Street and 21 Harris Street in Australia, The Atrium and Sanlin InCity in China and three Marriott-branded select-service hotels in the US via its various REITs and private real estate funds.
Excluding Robinson Centre, ARA’s portfolio in Singapore totalled in excess of S$12 billion as at 30 September 2019