mr funny
23-10-10, 14:00
http://www.businesstimes.com.sg/sub/news/story/0,4574,409679-1287777540,00.html?
Published October 22, 2010
German fund completes Chevron House acquisition
THE $547 million sale of Chevron House at Raffles Place to a global fund managed by Deka Immobilien of Germany was completed yesterday.
The acquisition price works out to about $2,083 psf based on the building's net lettable area of 262,650 sq ft. The building is currently about 98 per cent let. Major tenants include Chevron and Visa.
The 33-storey building, formerly known as Caltex House, is on a site with a remaining lease of about 78 years.
The property comprises a four-storey retail podium, 29-storey office tower, and three basement levels. B1 has shops linked directly to Raffles Place MRT station while B2 and B3 contain 96 carpark lots.
Deka's purchase price is said to reflect a net property yield of about 4 per cent.
Chevron House was sold by Goldman Sachs funds, through an expression of interest exercise handled by sole marketing agent CB Richard Ellis (CBRE). Savills advised Deka.
CBRE will continue managing the property on behalf of the new owner until a Request for Proposal for property management services is conducted next year.
Published October 22, 2010
German fund completes Chevron House acquisition
THE $547 million sale of Chevron House at Raffles Place to a global fund managed by Deka Immobilien of Germany was completed yesterday.
The acquisition price works out to about $2,083 psf based on the building's net lettable area of 262,650 sq ft. The building is currently about 98 per cent let. Major tenants include Chevron and Visa.
The 33-storey building, formerly known as Caltex House, is on a site with a remaining lease of about 78 years.
The property comprises a four-storey retail podium, 29-storey office tower, and three basement levels. B1 has shops linked directly to Raffles Place MRT station while B2 and B3 contain 96 carpark lots.
Deka's purchase price is said to reflect a net property yield of about 4 per cent.
Chevron House was sold by Goldman Sachs funds, through an expression of interest exercise handled by sole marketing agent CB Richard Ellis (CBRE). Savills advised Deka.
CBRE will continue managing the property on behalf of the new owner until a Request for Proposal for property management services is conducted next year.