Two Changi Business Park assets acquired in StanChart deal
Hulic, RISA, EZA Hill, and TRI buy the portfolio, with the bank staying as tenant.
Two Changi Business Park buildings have been acquired by a consortium comprising Hulic Co., RISA Partners, EZA Hill, and TRI Investment Management in a sale-and-leaseback deal with Standard Chartered Bank.
Under the agreement, the bank is set to remain as the long-term tenant of both properties after completion.
Hulic and RISA Partners are investing through a Japanese investor platform managed by EZA Hill, an affiliate of Hillhouse Group, alongside TRI.
The six-storey building at 7 Changi Business Park Crescent, completed in 2009, has a site area of about 11,820 square metres (sq m) and a gross floor area (GFA) of approximately 27,080 sq m.
Meanwhile, 9 Changi Business Park Crescent has a site area of about 7,540 sq m and a GFA of about 18,850 sq m. The six-storey building was completed in 2013.
Together, the two assets have about 45,930 sq m of GFA.