German fund manager Union Investment has sold the 3 Changi Business Park Vista property in Singapore to local real estate investment trust Ascendas REIT for nearly EUR 50 mln.
German fund manager Union Investment has sold the 3 Changi Business Park Vista property in Singapore to local real estate investment trust Ascendas REIT for nearly EUR 50 mln.
Union originally acquired the 15,360 m2 business park in October 2008 for EUR 31.5 mln for its open-ended real estate fund UniImmo: Global. The disposal comes shortly after the signing of a lease in October with an international industrial company. The deal boosted the property's occupancy rate to 94%.
The sale will improve the liquidity of the UniImmo: Global fund, Union Investment said in a statement. 'With the property being almost fully let in a market segment characterised by an over-supply of space, now is about the perfect time to sell,' said management board member Karl-Joseph Hermanns-Engel.
Located in the eastern part of the city-state, 3 Changi Business Park Vista is a 10-minute drive from Changi International Airport. The building was completed in 2003 and has received a BCA Green Mark sustainability certificate for its high energy efficiency.
