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Germany's Deka puts Chevron Tower in Singapore on sale

People & Companies / Latest News

Singapore

Jul 07 2017

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Pooja Thakur Mahrotri, Bloomberg

Deka Immobilien GmbH, a unit of Germany’s DekaBank Group, is putting up an office building for sale in Singapore’s central business district, according to a person familiar with the matter.

The tower, Chevron House, could fetch about S$700 million ($506.5 million), said the person, who asked not to be identified because the sale process is private. Deka acquired the property for around $420 million in 2010 from a property fund managed by Goldman Sachs Group Inc., the company said at the time.

The sale of the building follows a flurry of activity in Singapore’s commercial property market since last year. A Malaysian-led group bid S$2.6 billion in 2016 for a rare site in Singapore’s Marina Bay district, while Qatar’s sovereign wealth fund acquired an office building from BlackRock Inc. for a record S$3.4 billion last year.

Blackstone Group LP earlier this year sold its Sime Darby Centre in Singapore’s Bukit Timah area, for S$365 million to Singapore developer Tuan Sing Holdings Ltd.

Representatives at Frankfurt-based Deka didn’t immediately return calls or reply to e-mails seeking comment before normal business hours.

The Chevron House, a high-rise skyscraper in Singapore’s Raffles Place, houses tenants such as Chevron Corp.’s Singapore unit. The 262,650 square foot (24,400 square meter) building comprises a four-story retail podium with a basement that links directly to the Raffles Place train station and a 29-story office tower.

SOURCE: Bloomberg

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