Suntec REIT sells Chijmes for S$177m
PRE 8 Investments is purchasing the property for a price 23% above valuation.
An announcement said the S$2,218 psf on net lettable area “represents a 23.2% premium over the valuation of S$143.7 million as at 15 October 2011, and a 3.9% annualized yield on Chijmes’ net property income of S$5.2 million for the nine months ended 30 September 2011." Suntec REIT acquired Chijmes in December 2005 for $128 million.
With a net lettable area of 79,794 sq ft, Chijmes currently constitutes 2.3% of Suntec REIT’s portfolio by NLA and contributes 3.7% to the total net property income.
The transaction is expected to be completed by January 2012.
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Tags: Chijmes sale
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