AEW Capital Management is said to be selling Admirax, a seven-story light industrial property in Woodlands, a residential town located in the north of Singapore, to a family office for S$155 million ($117 million), according to several reports.
According to The Business Times, Admirax operates on a 60-year leasehold that commenced in October 2000. The building’s 476,480-square-foot net leasable area is nearly 80 percent occupied. The property’s roster of tenants includes agricultural producer Sustenir and medical device and component maker Quasar Medical. There is also a food court and childcare facilities.
AEW acquired Admirax from BlackRock in 2021 for S$142 million ($107 million) and undertook significant upgrades to enhance the property.
