Robinson Centre @ 61 Robinson Road has found a new owner
Robinson Centre was recently purchased by ARA Asset Management, according to a press release released by ARA. The purchase value hasn’t been disclosed to the public.
Speculations were rife in the first week of December, 2019 that ARA was interested in this office building that comprises of 20 storeys. Market watchers expected the property to be sold for about S$340 million – which meant that the buyer would expectedly be paying S$2550 – S$2600 psf.
Robinson Centre has 76 years of leasehold tenure and sits on a NLA (net lettable area) of 132,300 square feet.
In its press statement ARA said by purchasing Robinson Centre, the real estate managers have chanced upon a rare acquisition prospect in what is one of the major office districts of the city where office spaces are already in short supply.
ARA plans to take up a few initiatives that will ensure asset enhancement of the property. They have plans to refurbish and upgrade the exterior façade and also rework on the interiors of the property.
Since the property has a short WALE (weighted average lease expiry) of one and a half years, ARA is expected to reposition Robinson Centre through an active leasing model.
As opposed to the typical 3 metres ceiling to floor height measured in other A grade offices in Singapore CBD, this building has the highest height of 3.5 metres.
ARA Private Funds acting CEO, David Kim said in the press statement that by acquiring the property the company has once again shown that its deal finalizing capabilities and extensive network are top-notch.
He added that ARA’s plans to reposition, rebrand and revitalise Robinson Centre will keep the company’s investor-operator values intact.
With this ARA acquired 12 assets in 2019 alone through its private funds for real estate and real estate investment trusts (Reits).
Other similar acquisition has happened in Singapore’s 51 Bras Basah Road, Korea’s Seoul Square and Australia’s 21 Harris Street.
Without taking into account the acquisition of Robinson Centre, ARA had already S$12 billion worth of assets in its portfolio as of September, 2019.