PGIM Real Estate has completed the acquisition of a 12-story freehold office building located in the heart of the central business district (CBD) in Singapore for $107m.
The asset manager plans to enhance the block, by upgrading the façade, installing a new lobby and making the building more sustainable.
“This acquisition signals our strong conviction in the recovery of the Singapore office market, as well as our proactive stance for real estate investments in the Asia-Pacific region,” Benett Theseira, PGIM Real Estate’s head of Asia-Pacific, said.
“The Singapore government has managed the pandemic and reopening of the economy well. With employers encouraging staff to return to the office and the strengthened position of Singapore as a leading regional financial and technological services hub, we expect to see continued growth in demand for office space in the CBD.”