CLSA Capital Partners’ acquisition of 77 Robinson Road ‘reasonable’, says Religare

SINGAPORE (Nov 22): CLSA Capital Partners has acquired 77 Robinson Road for $530.8 million, or $1,810 psf for the net lettable area of an approximate 293,000 sq ft, from SEB ImmoInvest fund.

To recap, the 35-storey office tower was first acquired by SEB from an earlier CLSA-managed fund for $526 million, or $1,783 psf based on the larger NLA of about 295,000 sq ft, in April 2007.

Religare’s analyst Tata Goeyardi pointed out that the earlier CLSA fund had profited from the transaction, as it had bought the building in June 2006 for $343.88 million, or about $1,165psf, from Singapore Airlines.

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