Singapore-based real estate investment house Pacific Star Group has recorded the biggest office transaction in the Lion State this year, selling the Capital Square building to Alpha Investment Partners’ Macro Trends Fund and NTUC Income for S$889 million (US$702.1 million).
The property was acquired by Germany’s ERGO Insurance Group in 2002 and had been managed by MEAG Pacific Star Asset Management (MPSAM), a joint venture between Pacific Star and MEAG (asset manager of Munich Re and ERGO), since the acquisition.
The property is comprised of a 16-storey office tower and two rows of conservation buildings housing offices and F&B outlets. The deal works out the price of this Grade A development at Church Street to about S$2,300 (US$1,816) psf.
“We are pleased with the returns achieved and delivered to our investor, ERGO Insurance Group. We did considerable asset enhancement work since we were on board as asset manager in 2002,” said Andy Tan, executive vice president of Asset Management, Pacific Star Group. “The most recent achievement of our role as asset manager was the successful refinancing of Capital Square through the issuance of the largest Singapore-dollar denominated corporate bond in 2009, a watershed deal against the then backdrop of tight liquidity due to the global financial crisis.”
Pacific Star currently manages prime office, residential and retail space across Asia. The properties managed by the group include TripleOne Somerset in Singapore, Pavilion Residences in Kuala Lumpur, and Noon Square in Seoul. Since its inception in 2001, the group has advised and managed real estate deals worth more than US$5 billion
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