ARA Asset said to bid for Capital Square tower stake

SINGAPORE (June 22): ARA Asset Management is bidding for a stake in Singapore's Capital Square office tower in the city's central business district, according to people familiar with the matter.

Singapore-listed ARA is seeking the 50% stake in the building that was put up for sale last year by Alpha Investment Partners, the investment arm of Keppel Land, said the people, who asked not to be identified because the process is private.

The 16-story prime office building in the Raffles Place financial district, whose tenants include Morgan Stanley and Citigroup Inc, was bought by Alpha and insurer NTUC Income in 2011 from Munich Re for $889 million, or about $2,300 per square foot.

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