CB Richard Ellis (CBRE) is pleased to announce the sale of The Atrium@Orchard to CapitaMall Trust at a price of $839.8 million. The sale price translates to approximately $2,248 per square foot.
Singapore (PRWEB) June 30, 2008 -- CB Richard Ellis (CBRE) is pleased to announce the sale of The Atrium@Orchard to CapitaMall Trust at a price of $839.8 million.
The sale price translates to approximately $2,248 per square foot, based on a total net lettable area of approximately 373,446 square feet and was sold on a fresh 99-year lease.
The Singapore Land Authority (SLA) appointed CBRE to handle the sale late last year. CBRE conducted an Expression of Interest (EOI) for the Grade A office building, which closed on 22 February 2008.
CBRE's Jeremy Lake, Executive Director, Investment Properties, said "This EOI exercise saw keen interest from both local and foreign investors, who were attracted to the strong cash flow and very high building specifications. We are still seeing a good level of interest from investors for quality office assets despite the huge write-downs by some of the major global banks."
Completed in 2002, the building comprises 2 office towers of 7 and 10 storeys respectively, with retail space on the ground floor. This property sits on a land area of 9,575 square metres with a net floor area of about 34,620 square metres. The Atrium@Orchard presents an excellent opportunity for its buyer, CapitaMall Trust, to create a highly visible retail junction as it is situated along Orchard Road, Singapore's premier shopping belt, and is adjacent to Plaza Singapura.
This is the fourth major transaction that CBRE has handled this year. Earlier this year, CBRE sold Singapore Power building for $1.01 billion, Hitachi Tower at $811 million and most recently advised the purchaser of 71 Robinson Road which sold for $744 million. From 2007 to date, CBRE has chalked up a total of approximately $5.90 billion in investment sales.
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