15 Sep '16, 9am

ARA to have stake in Capital Square office tower #SingaporeProperty

[SINGAPORE] ARA Asset Management Ltd has won the bid for a stake in Singapore's Capital Square office tower in the central business district, according to people familiar with the matter. ARA, which is listed in Singapore, is buying the 50 per cent stake in the building that was put up for sale last year by Alpha Investment Partners, said the source, who asked not to be identified as the process is private. The purchase will be concluded by month-end, one of the sources said, without disclosing the price of the deal. The 16-story prime office building in the Raffles Place financial district was expected to fetch about S$2,500 per square foot, valuing the 50 per cent stake at roughly S$415 million, according to an estimate from Donald Han, a Singapore-based managing director at real estate broker Chestertons.

Full article: http://www.srx.com.sg/singapore-property-news/23752/ara-t...

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