MGPA acquires Singapore office tower for $660m

Macquarie Global Property Advisors, the private equity real estate arm of the Australian bank, has acquired the Temasek Tower in Singapore in a $660m transaction.

Macquarie Global Property Advisors has acquired the Temasek Tower in Singapore for SG$1 billion ($660 million; €495 million). The seller was Singapore-listed developer and investor CapitaLand.

The acquisition came out of the Hong Kong- and London-based firm’s second private equity real estate fund, which closed on $1.3 billion in 2005 to focus on the Asian and European property markets.

The 52-story, cylindrical office building is located in Shenton Way in the downtown area of Singapore. It has approximately 670,200 square feet of space and was completed in 1986.

The Temasek Tower is the fund’s second investment in Singapore. Last December, the firm acquired twelve floors in the Springleaf Tower. The firm has made numerous investments throughout Asia, including deals in Kuala Lumpur and Hong Kong last year.