LaSalle fund divests Twenty Anson office tower

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LaSalle Investment Management announced that LaSalle Asia Opportunity Fund III has agreed to sell its interest in the Twenty Anson (pictured) Grade A office building to CapitaCommercial Trust (CCT) for around S$430 million (S$2,121 psf).

“The round-trip of Twenty Anson Road validates the strategy of our LaSalle Asia Opportunity Fund series to manufacture core real estate assets in Asian gateway cities, aggressively manage them through to income stabilization and then divest to institutional investors,” said Andrew Heithersay, International Director at LaSalle Investment Management.

Completed in 2009, the 20-storey office tower has a total area of 202,696 sq ft and is located in the heart of Singapore’s CBD. It acquired the Green Mark Platinum certification and is one of the pioneers of sustainable office space in the country.

“Twenty Anson Road was developed with LaSalle’s sustainability vision and commitment to best practices in reducing the environmental impact of commercial real estate. The building is 100 percent occupied and has attracted premium quality tenants such as Blackrock and Toyota, which is testament to the building’s innovative design and prime location,” noted Heithersay.

The divestment of the property is the second joint venture (JV) between LaSalle Fund and the L.C. Development Group, after its successful co-development of Crowne Plaza Changi Airport.

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