Is ARA eyeing purchase of Capital Square office tower?
Reports say it is buying 50% stake in the building.
Amid the falling rents and large supply of prime spaces, Singapore-listed ARA Asset Management has reportedly won the bid for a stake in the city-state's Capital Square office tower located in the central business district.
The building was put up for sale last year by Alpha Investment Partners. ARA is purportedly in the talks of buying 50% stake in the building with the deal expected to be concluded by month-end.
According to an estimate by Donald Han, a Singapore-based managing director at real estate broker Chestertons, the 50% stake is valued at roughly $415 million.
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