By Pramugdha Mamgain
The transaction is part of M&G Real Estate’s Asian property strategy and marks its first business park office investment in Singapore.
The REIT, which currently holds assets worth over $2.2 billion mostly in Singapore, has said it is not in a rush to go overseas.
Midtown Development Pte, a subsidiary of listed group Oxley Holdings Ltd., bid $415 million for the site, the highest among eight offers received.
We take a look at the overall value proposition of the deal and how it aligns with Singapore’s vision of emerging as a global fund management hub.
Singapore’s GIC, Temasek Holdings, Mapletree Investment and CapitaLand have invested across asset classes.
Post transaction, the combined total assets under management (AUM) of the group will exceed S$116 billion.
The sale is in line with Ascott REIT’s strategy to regularly evaluate and rejuvenate its portfolio.
Bisnow reported earlier that real estate developer Jacob Chetrit and his sons bought the tower in a $422-million deal that resulted in a loss for HNA.
WeWork India is currently managed by Indian real estate developer Jitu Virwani of Embassy Group through a licensing deal.
AsiaDomes will use the funding to develop its first glamping resort in Krabi province in the south of Thailand.