Union Investment has sold the VisionCrest Commercial office building in Singapore to a real estate fund managed by TE Capital Partners. The purchase price is above current valuation. Union Investment acquired the property in 2007 as a development for the portfolio of the open-ended real estate fund UniImmo: Global.
“After a holding period of around 16 years and the successful implementation of planned asset management initiatives, we have taken the opportunity to optimize the portfolio, as the age and size of the building in particular no longer fit in with the current strategy of UniImmo: Global. The freed-up liquidity gives us scope for new acquisition opportunities, as we plan to continue investing in the Asia-Pacific region for our funds in the future,” says Adam Irányi, Head of Investment Management Global at Union Investment.
VisionCrest Commercial is a prime freehold asset located in Central Singapore at the Eastern end of Orchard Road, a highly sought-after office submarket and also the Country’s most important shopping street. The Property is located opposite the Istana, which is the official residence of the President of the Republic of Singapore. Completed in 2008, the property has a total strata area of 154,711 sq ft spread over 11 upper floors and two basement floors. It is currently 99 percent let to well-known companies from various sectors. The building has a LEED Gold sustainability certificate.
Union Investment was advised by CBRE and JLL.
