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SINGAPORE: Alpha Investment Partners unit Macro Trends Fund and NTUC Income will acquire Grade A+ commercial development Capital Square from Germany's ERGO Insurance Group for S$889 million (RM2.14 billion), in what may be the largest commercial property deal in the island republic this year.
The deal works out to S$2,300 psf for the prime piece of real estate along Church Street, said major real estate investment house Pacific Star Group in a statement last Sunday, Mar 20.
The property comprises a 16-storey office tower with two rows of conservation shophouses and food and beverage outlets. It contains a net lettable area (NLA) of 386,525 sq ft and boasts a Green Mark certification by Singapore's Building and Construction Authority in 2009.
The prime office and retail development counts international financial institutions such as Aberdeen Asset Management Asia, Barclays Capital Services, Bloomberg, Citibank, Macquarie Capital and Morgan Stanley (Capital) Singapore among its tenants.
The property is currently managed by MEAG Pacific Star Asset Management, a joint venture between Pacific Star and MEAG, asset manager of reinsurer Munich Re and ERGO.
ERGO had acquired the property in 2002 for S$505 million. Capital Square was develop by Keppel Land Ltd, the holding company of Alpha Investment Partners.
Pacific Star's portfolio of properties include the Pavilion residential and retail development in Jalan Bukit Bintang, Kuala Lumpur as well as Ngee Ann City and Wisma Atria in Singapore.
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