Gaw Capital pays $252m for Singapore office
Everfit Sage Pte, a special-purpose vehicle managed by Gaw Capital Partners, has plans to purchase PoMo, a nine-story office and retail development at Selegie Road in Singapore for $252.2 million.
The sellers were Enviro-Hub Holdings and BS Capital in a 51:49 joint venture company F2S1. The firms purchased the asset in 2013 for $248 million from CLSA Capital Partners.
The development has a gross floor area of approximately 235,000 square feet. Of the net lettable area of approximately 180,000 square feet, about 110,000 square feet is offices, and the remaining 70,000 square feet is retail space. The offices are fully leased, while the retail space is said to be about 85 percent leased.
Recently, Gaw acquired Sky SOHO Project, a group of class A office buildings in Shanghai developed by SOHO China.