Nuveen Real Estate has acquired a 50 percent interest in One George Street, a class-A office asset in the Raffles Place precinct of Singapore, for $472 million on behalf of its Asia Pacific Cities vehicle.
The office was completed in 2004, featuring large, highly efficient, and column-free floor plates of 30,000 square feet, and a high-floor ceiling height of three meters, which provides ample flexibility for single or multitenant use. The property has existing green credentials (the Green Mark GoldPlus award) and a green-building rating administered by the Building and Construction Authority (BCA) in Singapore. It also is complemented by tenant amenities, including flexible working space, a fitness center with swimming pool, and beverage outlets.
“Singapore is a key gateway city for the Asia Pacific Cities strategy and the acquisition of One George Street will anchor the portfolio in a financially robust and attractive market and sector, complementing the current
