Singapore-listed Frasers Property has agreed to sell a 50% stake in its Frasers Tower in Singapore for S$422.7m (US$327.2m) after completing the 38-storey property last year.
The grade A office tower and adjacent three-level retail podium is valued at S$1.965bn, with 685,000 sq.ft. (63,639 sq.m.) of net lettable area situated at the gateway to Singapore’s core CBD, Frasers announced.
The 182 Cecil Street property, which is 93% let, was completed in May 2018 with direct underground access to Tanjong Pagar MRT Station.
It has also received a Green Mark Platinum certification from the Singapore Building and Construction Authority for its energy efficient and smart building features.
The deal will see the unnamed “long-term strategic” investor buy new shares in Frasers Property’s Aquamarine Star Trust to acquire its stake.
The buyer wasn’t disclosed in the announcement, however sources told Mingtiandi that the buyer was Korea’s National Pension Service (NPS).
Frasers Property said the transaction was in line with its ongoing portfolio balancing efforts and planned to continue to own and enhance the asset with the investment partner.
The transaction follows Frasers Centrepoint Trust’s purchase of a one-third share in the Waterway Point mall in Singapore for S$440.6m in May.
The group’s Singapore-listed Frasers Logistics & Industrial Trust also offloaded a 50% interest in 54,245 sq.m. cold storage distribution facility in Brisbane, Australia to German asset manager DWS for A$134.2m (US$92.2m) earlier this month.
Frasers Property is a real estate group with S$33.2bn of assets under management across the residential, hospitality, retail, commercial and business parks, and logistics and industrial asset classes.