Deka Immobilien GmbH has sold the Chevron House office building in Singapore for approximately €415 million ($510 million). The international developer Oxley Holdings, located in Singapore, acquired the property.
The property was sold from the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal.
Chevron House is located in the heart of the Singapore central business district. The high-rise was built in 1993 and provides more than 259,000 square feet of leasable space and 96 parking spaces. It is almost fully leased to a large number of tenants, including the main tenant, Chevron International Pte. Ltd.
The fund sold the Chevron House property in Singapore as part of its portfolio strategy after a holding period of more than seven years.
Singapore office sales during the fourth quarter 2017 increased 32.6 percent quarter-over-quarter to 122 deals, from 92 in the previous quarter, according to Colliers International. This marks the first triple-digit quarterly sales volume in more than three years.
