Louise Kavanagh, CIO & Head of Fund Management APAC for Nuveen Real Estate, comments: “Singapore is a key gateway city for the Asia Pacific Cities strategy and the acquisition of One George Street will anchor the portfolio in a financially robust and attractive market and sector, complementing the current allocation to logistics and multifamily.”
Nuveen Real Estate, which manages US$144 billion of AUM, has acquired a 50% interest in One George Street, a Grade A office asset in the Raffles Place precinct of Singapore, for around US$472 million on behalf of its Asia Pacific Cities vehicle.
The Grade A office was completed in 2004, featuring large, highly efficient, and column-free floor plates of 30,000 sq ft, and a high floor ceiling height of three meters which provide ample flexibility for single or multitenant use. The property has existing green credentials in the form of the Green Mark GoldPlus award, a green building rating administered by the Building and Construction Authority (BCA) in Singapore. It is also complemented by tenant amenities, including flexible working space, a fitness center with swimming pool and beverage outlets.
