Commerz Real has sold Singapore office property, Robinson Road 71, for approximately $S655 million($478 miilion) to Singapore-based SV Robinson Pte Ltd, part of the Sun Venture group. Sun Venture specializes in investing in Singapore commercial real estate.
The office property was part of its open-ended property fund hausInvest portfolio for more than 10 years . In 2008, hausInvest acquired Robinson Road 71 as a project development for its fund portfolio.
The 15-storey office building completed in 2009 has approximately 22,000 square meters of rentable office space and around 59 parking spaces. WeWork has been a tenant of three floors of the office building since 2017.
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“We used the market and leasing situation to realize a very attractive selling price for our investors, and adds:” Asia will continue to invest in new investors at Hausinvest an interesting market,” said Henning Koch, Global Head of Transaction Management at Commerz Real.
Commerz Real was advised by real estate service providers CBRE and JLL on the sale. Dentons was the legal advisor, EY the fiscal one.