20 Mar '11, 8am

Keppel Land, NTUC Income to acquire Capital Square

SINGAPORE : Keppel Land and NTUC Income have agreed to jointly acquire Capital Square for S$889 million. Under the deal, Keppel Land will buy over a 50 per cent stake through the Macro Trends Fund of its wholly-owned real estate fund management arm, Alpha Investment Partners. NTUC Income will hold the other 50 per cent. Alpha Investment Partners will be the asset manager upon completion of the acquisition. The two partners said they plan to further enhance Capital Square through various asset enhancement initiatives. Capital Square is a 16-storey Grade A office tower located within Singapore's central business district. It was developed by Keppel Land, but the developer sold off the property in 2002, as part of its divestment plans then. NTUC Income has been investing in Singapore's real estate market to generate returns for policyholders. Just recently, the insurer paid S...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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