The property is now valued at $100.9 million by ESR-REIT, and the divestment is in line with on-going portfolio rejuvenation strategy to divest non-core assets and recycle capital into higher-quality and higher-growth assets within its core sectors.
Co-living operator Coliwoo Holdings is acquiring 2 Changi Business Park Avenue 1 for $101 million, in what is its first significant acquisition since its listing last November.
The property is now run as Park Avenue Changi and is now held by Viva Trust, a sub-trust of ESR-REIT. The hotel is now part of the ESR BizPark @ Changi development, and has more than 250 rooms.
