JP Morgan Asset Management and Real Estate have purchased a Singapore office building for S$1.28bn (鈧�830m).
The two investment managers acquired One George Street, a 23-storey office building, through a 50-50 joint venture.
The building in Raffles Place was sold by the Singapore-listed CapitaLand Integrated Commercial Trust and Hong Kong insurer FWD Group.
David Chen, CIO and head of real estate for Asia-Pacific at JP Morgan Global Alternatives, said there was an opportunity to capitalise on a 鈥渃yclical upswing鈥� that began earlier this year.
鈥淪ingapore鈥檚 attractiveness as an investment destination in the region, combined with increasing office demand from the technology and financial services sectors and a moderate level of new supply, provide the backdrop for a unique opportunity,鈥� he said.
Louise Kavanagh, CIO and head of funds management for Asia-Pacific at Nuveen Real Estate, told 91传媒在线: 鈥淏oth JP Morgan and Nuveen will maintain control over their own interest.
鈥淭he premium office space sector will remain relevant post-pandemic as we see ongoing demand for office space, coupled with limited grade-A supply supporting office rental growth in the near term.鈥�
Kavanagh said the strength of the tenant covenants and strategic location 鈥渟hould provide stable income to our investors over time鈥�.
At the end of September, the building had more than 50 multinational tenants and an occupancy rate of 97%.
