Chevron House put on sale by Deka of Germany

SINGAPORE (July 2): Deka Immobilien GmbH, a unit of Germany’s DekaBank Group, is putting up an office building for sale in Singapore’s central business district, according to a person familiar with the matter.

The tower, Chevron House, could fetch about $700 million, said the person, who asked not to be identified because the sale process is private. Deka acquired the property for around US$420 million in 2010 from a property fund managed by Goldman Sachs Group Inc., the company said at the time.

The sale of the building follows a flurry of activity in Singapore’s commercial property market since last year. A Malaysian-led group bid $2.6 billion in 2016 for a rare site in Singapore’s Marina Bay district, while Qatar’s sovereign wealth fund acquired an office building from BlackRock Inc. for a record $3.4 billion last year.

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