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Transactions - OCTOBER 18, 2019

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Angelo Gordon JV pays $396m for Singapore office property

by Kali Persall

Village Prop Pte, a joint venture consisting of Angelo, Gordon & Co. and TCRE Partners, has paid $396 million for a 250,000-square-foot office building in Singapore.

Singapore-based Keppel REIT sold the 15-story property, known as Bugis Junction Towers, for a price higher than its December 2018 valuation. According to the REIT’s website, the tower was worth S$515 million ($376 million) and had a fiscal-year 2018 income contribution of S$16 million ($11 million).

Located at 230 Victoria St. in Singapore, the property is 100 percent occupied and has 19 tenants, as of December 2018, including government agency Enterprise Singapore, InterContinental Hotels Group and co-working space provider Ucommune. It was acquired by Keppel in 2006 for S$159.5 million ($116 million).

Bugis Junction Towers is part of the Bugis Junction integrated mixed-use development and is directly linked to the retail mall and a five-star hotel, as well as the Bugis MRT station, which ser

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