2008-04-29

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Asia | Funds Companies Investments

Commerz Real Builds up its Asia Portfolio

Asia: - Office Project Acquired for hausInvest global - 71 Robinson Road is the Second Investment in Singapore

Commerz Real just underlined its commitment in Asia by acquiring the 71 Robinson Road project development in Singapore. The property was sold by Kajima-Lehmann (Robinson) Development Pte Ltd., a joint venture of Kajima Overseas Asia and Lehmann Brothers Investments. The 15-storey building comes with a planned gross lettable area of about 22,000 m² and 59 parking spaces, and is scheduled to be completed by the end of 2009.

Three of the 15 floors of this modern office property will be usable as trading floors and satisfy the demands of tenants from the financial and banking sector. The column-less interior layout permits flexible partitioning, with up to four rental units per floor. The ground floor is intended to include retail floor space, accessed via a highly presentable lobby. The attractiveness of this Grade A office building is rooted in its combination of high-tech and aesthetic property qualities.

The 71 Robinson Road project development is raised in the much sought location of Shenton Way, a submarket of the Central Business District (CBD) where banks and financial institutions prevail. Due to the growing significance of Singapore as a financial centre, this sector has begun to draw more and more international investors, thus causing the CBD – more so than other districts – to show a sustained growth curve in tenant demand for modern office floor space. Analogously, the Shenton Way submarket currently reports the lowest vacancy rate.

Thanks to its central location, this office property benefits from the excellent infrastructure of the financial metropolis that is being optimised continuously. The property is located within walking distance of the city’s bus and underground network, and there are plans for the construction of additional underground stations. Two expressways connect the inner city of Singapore with Changi international airport in the East, and business park areas in the West.

“71 Robinson Road is our second purchase in Singapore,” says Hans-Joachim Kühl, Management Board Member of Commerz Real in charge of real estate acquisitions. “In December 2007, we bought 78 Shenton Way, a 34-storey office building that is also located in the CBD. By the expansion of our commitment in Singapore hausInvest global will benefit even more from the dynamics of one of the world’s fastest growing markets.”

Markus Esser Commerz Real AG - 2008-04-29

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