Perennial-led consortium acquires Singapore's TripleOne Somerset office and retail tower for $766M

December 23
1:09 AM 2013

A consortium led by Perennial Real Estate Holdings agreed to buy a Singapore office and retail tower near the prime Orchard Road shopping belt for S$970 million ($766 million).

Bloomberg, citing a statement by Singapore-based Perennial, said that the group signed an agreement over the weekend to acquire the 17-story TripleOne Somerset building. The tower is owned by the Asia Real Estate Income Fund.

Asia Real Estate Income Fund is managed by the Pacific Star Group. The fund acquired the TripleOne Somerset tower in February 2008, the report said.

Real estate broker Cushman & Wakefield Inc. in an e-mailed statement to Bloomberg said that office rents in Singapore are starting to increase. Cushman said that average grade-A office rents rose 4% to S$9.38 per square foot per month in the fourth quarter.

TripleOne Somerset's tenants include healthcare provider Parkway Pantai Ltd. and chocolate confectionery maker Petra Foods Ltd. The first two floors of the tower have been converted into retail space, the report said.

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