Commerz Real has sold the office building Robinson Road 71 in Singapore from its open-ended real estate fund hausInvest for S$655 million ($477.8 million).
The buyer is SV Robinson Pte. Ltd., a member of Sun Venture group of companies and a real estate investment company with a focus on commercial real estate in Singapore.
In 2008, Commerz Real purchased the then project development for its fund. The fully leased building in the city center has 13 stories with approximately 22,000 square meters (237,000 square feet) of office space, as well as two stories with parking spaces. WeWork has leased three of the stories since 2017 — the provider of flexible office space thus completed its market entry in Singapore.
“We have utilized the market and leasing situation to attain an extremely attractive market price for our investors,” said Henning Koch, global head of transaction management at Commerz Real. “Asia remains an interesting market for new acquisitions
