PGIM buys Singapore property for $107m

SingaporeThe real estate arm of US fund manager PGIM has spent US$107 million to acquire a 12-storey office building in Robinson Road, in the heart of Singapore’s central business district (CBD). PGIM Real Estate has made a number of investments in Asia’s property market over the last six months including an office building and two multifamily portfolios in Tokyo, residential developments joint ventures in Sydney as well as two logistics joint ventures in China. In a statement, PGIM Real Estate said the newly acquired property is a rare freehold property that offers a number of asset enhancement and exit strategies. The asset enhancement plan includes enhancing “the ESG quotient of the asset, including an overhaul of its mechanical and electrical systems in order to achieve the Building & Construction Authority’s ‘Green Mark – Gold’ certification.” “The Singapore government has managed the pandemic and reopening of the economy well,” said Benett Theseira, head of Asia Pacific at PGIM Real Estate in a statement. “With employers encouraging staff to return to the office and the strengthened position of Singapore as a leading regional financial and technological services hub, we expect to see continued growth in demand for office space in the CBD.” The firm also purchased a six-storey industrial asset in Paya Lebar iPark in Singapore for $55 million in September 2020. © 2021 funds global asia

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