Property investment firm SV Robinson has bought 71 Robinson Road for S$655 million.
The firm which is a part of Sun Venture Group of Companies bought this property from Commerz Real.
In a statement Commerz Real said that hausInvest, the open-ended real estate fund managed the deal.
The seller was also advised by JLL and CBRE in the deal and sought legal consultancy and tax consultancy from Dentons and EY respectively.
There had been news about this deal for quite some time and Sun Venture Group was granted the right to conduct exclusive due diligence with respect to the acquisition of this 15-storey office building.
There have been recent reports that office block is currently enjoying full occupancy with the average monthly rent running a shade below the S$10 psf range.
Among the tenants in the building are Visa, WeWork, Ogilvy and CommerzBank. WeWork, the co-working space company had leased three floors at this building in 2017.
Commerz Real had acquired the commercial property back in 2008 as a part of its fund.
There is 22,000 square metres office space that are spread across 13 floors in the office tower and the remaining two floors have the parking lot.
There is total of 237,644 sq ft net lettable area in this office building that is located in the junction of McCallum Street and Robinson Road.
The office building has 74 years of balance remaining on its lease. The building was finished 11 years ago and meets the Grade A criteria.
The office block was constructed on the site of Crosby House that was sold back in 2006 by Singtel. A partnership of Kajima Overseas Asia and Lehman Brothers had bought the property back then.
Henning Koch, Global Head of Transaction Management at Commerz Real sounded very happy about the deal.
He said that the company had taken full advantage of the leasing situation in the market to achieve very attractive pricing for their investors.
He added that Asia is an attractive market and it is outperforming others and this would make it a good investment for the new owners.
Jeremy Lake, Managing Director of Capital Markets for CBRE said that all the top bids for this property were extremely close which is a reflection of the enthusiasm among local as well as foreign investors to enter into the office market in Singapore.
He added that 71 Robinson Road offers a great investment opportunity as the building has all the amenities including blue chip companies among its tenant and the 3.5% net yield per year stands testimony to this.