Hamburg-based Union Investment Real Estate has announced the acquisition of the Changi Business Park 3 property in Changi Business Park Vista, Singapore.
Hamburg-based Union Investment Real Estate has announced the acquisition of the Changi Business Park 3 property in Changi Business Park Vista, Singapore.
The property with 18,400 ,2 gross lettable area was purchased for EUR 33 mln for Union Investment’s UniImmo: Global fund. This was the German investor's second investment in Singapore for the fund since the acquisition VisionCrest Commercial development in Singapore for EUR 140 mln in January 2007. Union Investment said the latest acquisition of a property in a business park added to the fund's diversification.
'The unique architecture and extensive specifications not only visually distinguish the property from its neighbours but also won the property the Green Mark Award in Gold, obtained from the Singapore Building and Construction Authority in 2008, for its energy efficiency,' the company said.
The property with its close proximity to Changi International Airport, also has a good public transportation connection and an excellent road network. At full occupancy, tenants include Applied Materials, EMC International, Discovery Channel and others.
