<article>A consortium of investors led by Singapore realty company <a href="http://www.perennialrealestate.com.sg/">Perennial Real Estate Holdings</a> (PREH) has acquired the 50-story Axa Tower for S$1.17 billion ($870 million), the companies said. This translates to an acquisition price of S$1,735 per square foot.</article>

A consortium of investors led by Singapore realty company <a href="http://www.perennialrealestate.com.sg/">Perennial Real Estate Holdings</a> (PREH) has acquired the 50-story Axa Tower for S$1.17 billion ($870 million), the companies said. This translates to an acquisition price of S$1,735 per square foot.
The deal will see PREH, which along with business tycoon Kuok Khoon Hong, who is also a shareholder of PREH, own 41.3 per cent equity interest in the  one million square-foot AXA Tower.
“The Transaction represents an opportunity for the PREHL Group to acquire a significant equity stake in a property which provides a strong upside potential. Currently, AXA Tower has unutilised plot ratio that translates to an additional gross floor area of over 210,000 square feet. The property is also allowed to house medical suites amounting to no more than 32,000 square feet.
&#8220;The Consortium will explore the most efficient asset plan to utilise the additional gross floor area and permissible medical suite usage to maximise the value of the asset. The strata-sale of the office space at the prime property will also be explored, where feasible,” the company said in statement.
AXA Tower is sited in the Financial and Commercial Hub of Singapore’s Central Business District in the Tanjong Pagar precinct and enjoys three major frontages along Shenton Way, Anson Road and Maxwell Road. It is directly-connected via underground pedestrian link to the Tanjong Pagar Mass Rapid Transit Station.
PREH’s wholly-owned subsidiaries will be the project manager, asset manager and property manager of AXA Tower, and the transaction is expected to be completed by April 2015.
Pua Seck Guan, Chief Executive Officer of PREH, said, “AXA Tower, with its strategic location, good connectivity and sizeable unutilized Gross Floor Area, is an excellent asset with strong upside potential. PREH’s significant investment in the iconic operating asset not only strengthens the Group’s foothold in Singapore, but also provides the Group with an additional stream of stable income. In addition, the prime asset presents a unique opportunity to maximise and create value for shareholders through the execution of asset enhancement initiative and potential strata-sale strategy.”

A consortium of investors led by Singapore realty company Perennial Real Estate Holdings has acquired the 50-story Axa Tower for S$1.17 billion ($870 m)

Perennial led consortium to acquire AXA Tower

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Perennial led consortium to acquire AXA Tower

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