German fund (Lehman Brothers) pays $744m for Singapore office block
The fully-owned unit of Commerzbank said yesterday that it is buying the site for an undisclosed sum from the partnership of Kajima Overseas Asia and Lehman Brothers. It said it wants to ride on the ongoing growth in Singapore’s office sector. The fund’s price translates to a record $3,125 per sq ft (psf), based on 238,000 sq ft of net lettable area. The nearby Hitachi Tower was sold early this year for $811 million or $2,901 psf.
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