COMMERZ Real has sold its 71 Robinson Road property to SV Robinson for S$655 million. SV Robinson is a real estate investment company which is a member the Sun Venture group of companies.
The sale was done through its open-ended real estate fund hausInvest, Commerz Real said on Tuesday. Commerz Real was also advised on the sale by CBRE and JLL, with law firm Dentons providing legal consulting, and EY for tax consulting.with a view to buy the 15-storey office block,It was also reported that the property is running at full house with an average monthly passing rent in the low-S$10 per square foot range, with tenants including CommerzBank, Visa, Ogilvy and WeWork.
The office block also stands on the site of the former Crosby House, which Singtel sold in 2006 to a Lehman Brothers and Kajima Overseas Asia partnership. Commerz Real global head of transaction management Henning Koch said:"We have utilised the market and leasing situation to attain an extremely attractive market price for our investors. Asia remains an interesting market for new acquisitions for hausInvest."