A fund managed by Keppel Capital has bought six floors of a prime office complex in the heart of Singapore from ARA Asset Management for SGD160m (€104m).

Keppel bought five high-level floors in Suntec Tower One and one floor in Suntec Tower Two. IPE Real Assets understands that the acquisition was made on behalf of a separate account client.

The transaction is the latest in a string of office deals in Singapore’s office market, which is on the cusp of rent recovery following a prolonged downturn.

A recent example is a deal by Gaw Capital and consortium members to acquire an office tower, known as Robinson 77, for SGD710m from a fund managed by CLSA Real Estate. CLSA bought it for SGD530.8m in late 2016 and pursued a significant make-over.

An investor in the Gaw fund told IPE Real Assets that he was happy with the Singapore office investment because of the brighter outlook for rental growth in the Singapore office market.