MGPA, the Europe- and Asia-focused private equity real estate firm, has agreed a large lease to hotelier Westin at its Marina Bay development in Singapore.
Luxury brand Westin, which is controlled by Starwood Hotels & Resorts, will occupy more than 300,000 square feet at MGPA’s second tower of its two-tower scheme.
The tower, Asia Square Tower 2, is expected to begin development shortly ahead of a completion expected in 2013, MGPA said in an announcement on the letting.
The letting is the second announcement on letting activity in Singapore from MGPA this month after the firm, led in Asia by chief executive officer John Saunders, said it had let 250,000 square feet to Citibank at its Asia Square Tower 1 development. That tower is due to reach practical completion next year.
The letting to Citibank was the largest office letting agreed in Singapore since the credit crunch and subsequent global economic downturn.
The Westin hotel will include four restaurants, a gym, spa, swimming pool and a business centre with more than 11,000 square feet of meeting space.
MGPA’s investment into Marina Bay has been made via capital from its $3.9 billion MGPA Asia Fund III, the largest private equity real estate fund for Asia ever raised. In 2007, the firm paid a combined $2.97 billion for the development land to Singapore’s Urban Redevelopment Authority.