JV forms for S$1.1b office venture in Singapore
City Developments Ltd., via its second profit participation securities, has agreed to create a S$1.1 billion ($780 million) joint office investment platform with Alpha Investment Partners, through Alpha Asia Macro Trends Fund II.
The partnership, Golden Crest Holdings, will acquire three of CDL’s prime office assets in Singapore: the Central Mall office tower for S$218 million ($154.8 million), 7 & 9 Tampines Grande for S$366 million ($260 million) and the Manulife Centre for S$487.5 million ($346.2 million).
Alpha and CDL will co-finance the portfolio in the ratio of 60-40.
CDL will continue to manage the office asset portfolio, which currently has a strong occupancy of 98 percent. Its high-quality and diversified tenant base comprises a good mix of large multinational corporations, financial institutions, small and medium enterprises, as well as food and beverage outlets, ensuring resilience across different market cycles.