1 Finlayson Green sold, say sources

Kalapana Rashiwala The Business Times 03/09/2010 12:39

1 Finlayson Green sold, say sources - commercial property - Singapore - office building

(SINGAPORE) The office block that is 1 Finlayson Green has been sold, BT understands.

The price is said to be about $145 million, or 37 per cent below the $230.88 million the seller had paid for the property in June 2007.

A unit of UK-based property fund group Develica is believed to have signed an agreement recently to sell the 19-storey freehold office tower to a foreign-domiciled fund initiated by low-profile Indonesian investor Norman Winata.

BT understands the sale is being effected through a sale of shares in the company that owns the asset.

Develica is understood to have borrowed from National Australia Bank, Hypo Real Estate and Citibank. Market watchers say the three banks would have consented for the sale to take place.

1 Finlayson's current net lettable area (NLA) is said to be about 89,000 square feet. Based on this, the latest transacted price of $145 million reflects about $1,630 per square foot.

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