The core open-ended ASB Allegiance Real Estate Fund has sold a 12-storey office building in the US to Nan Fung Life Science Group for $210m (€177m).
The fund’s manager ASB Real Estate Investments said it has sold Two Financial Center, the 220,000sqft building developed for $120m in 2009 with Lincoln Property.
The fully-leased Two Financial Center is regarded as one of Boston’s leading boutique Class A office buildings.
Brodie Ruland, ASB managing director and co-head of acquisitions, said: “The sale not only realizes a significant investment gain for ASB investors, but also fits into ASB’s ongoing strategy to selectively reduce exposure to office and retail assets, while we increase investments in the industrial, multifamily, and self-storage sectors.”
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