EUR 130 million investment in Singapore for German fund
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ING Real Estate Investment Management Singapore has successfully closed the deal for its German institutional client, Union Investment Real Estate AG (formerly known as DIFA, Deutsche Immobilien Fonds AG), to acquire VisionCrest Commercial and the adjacent House of Tan Yoke Nee, located in the central area of Singapore at SGD260 million (EUR130 million).
The investment is DIFA’s maiden acquisition in Singapore, and their third investment in Asia through ING REIM Asia.
The investment comprises VisionCrest Commercial, a modern 11-storey Grade A office development to be completed in 2nd half of 2007, and the adjacent House of Tan Yoke Nee, a fully restored 2-storey historical building currently leased to the Business School of the University of Chicago.
The property has an excellent location in the Orchard Road vicinity and good access to major thoroughfares and the underground Interchange station. On completion, the property would comprise 203,129 sq ft of strata area / 167,307 sq ft of rentable space.