COMMERCIAL MARKET Anson House sold for $172m to European fund manager SEB Anson House was transacted earlier this week at $172 million, BT understands. European fund manager SEB is acquiring the 13-storey office block from CBRE Global Investors, which had put up the property for sale earlier this year at an indicative pricing of $175-180 million. The $172 million price translates to $2,252 per square foot on net lettable area of 76,362 sq ft for the building, which is on a site with about 82 years of remaining lease. This is the fifth time the office block has changed hands in the past eight years. CBRE Global Investors, formerly known as ING Real Estate, paid $148 million for the property in 2011. It bought the asset from a private high net worth individual investor, who in turn had purchased it for $85 million in 2009 from a fund managed by Australias Macquarie Bank. The latter made a loss on the transaction, against its 2007 purchase price of $129.5 million from GE Real Estate. GE Real Estate had bought the office block the preceding year for $75 million from a joint venture between former Singapore Land chairman SP Tao and his Indonesian partner Mackmoor Pte Ltd. Mr Tao and Mackmoor developed Anson House on a 99-year leasehold site that they bought for about $53.38 million or nearly $560 per square foot per plot ratio at an Urban Redevelopment Authority tender in 1996. Located at the corner of Anson Road and Bernam Street, and opposite M Hotel, Anson House boasts a high floor-to-ceiling height of 3.4 metres, compared with the typical 2.9 metres for some newer office developments. In addition, it has 103 car parking lots, reflecting a ratio of one car park lot for every 936 sq ft of gross floor area - one of the highest in the CBD. The building is about 15 years old and recently underwent a refurbishment including the main lobby, toilets and chiller replacement. Major tenants in the building include steel and mining giant ArcelorMittal and United Technologies. Besides Anson House, SEBs real estate holdings in Singapore include 77 Robinson Road and a 60 per cent stake in Chinatown Point shopping centre. Last year, it divested 12 floors at Springleaf Tower along Anson Road at prices ranging from $2,200 psf to $2,400 psf. SEB also used to co-own 79 Anson Road with Singapores Central Provident Fund Board; the duo divested their stakes in the building to United Engineers in late-2012 for $410 million. Earlier that year, SEB sold StarHub Green in Ubi Avenue 1 for $215 million to Blackstone Group. More than $1.2 billion of office investment sales deals originating from the private sector were transacted in the second quarter of this year. These include Equity Plaza at $550 million, Prudential Tower at $512 million, Cecil House at $110 million and the 14th floor of Samsung Hub. Source: Business Times – 5 July 2014
Posted on: Mon, 07 Jul 2014 03:29:09 +0000
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