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.
“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.