Mainboard listed Overseas Union Enterprise or OUE says its subsidiary, Clifford Development, has obtained pre-committed leases totaling some 88,000 square feet for its latest development 50 Collyer Quay.
This is equivalent to 22 per cent of the net lettable area of the project.
The initial lineup of tenants include global business consulting firm Bain & Company and international law firm Allen & Overy.
OUE will redevelop the former Overseas Union House into a new Grade A 18-storey office tower.
It will also conserve the Change Alley Aerial Plaza Tower and retrofit the Change Alley Pedestrian Overhead Bridge to provide quick and sheltered link to the Raffles Place MRT station.
Upon completion, the entire development will comprise a total gross floor area of some 500,000 square feet and a net lettable area of 412,000 square feet.
The office tower floor plates will range up to some 30,000 square feet, with two of the floors designated as trading floors.
The Change Alley Aerial Plaza Tower and Pedestrian Overhead Bridge are targeted to complete simultaneously with the office tower in the first quarter of 2011.
OUE Executive Chairman Stephen Riady says 50 Collyer Quay complements the firm’s strategy of focusing on high-end properties in prime locations and building up a stable rental income stream from such properties.
Source : Channel NewsAsia – 7 Jul 2010
Showing posts with label Singapore Grade A office. Show all posts
Showing posts with label Singapore Grade A office. Show all posts
Wednesday, July 7, 2010
Tuesday, December 8, 2009
Capital Square’s $549m refinancing deal completed
A $549 million refinancing programme has been completed for Capital Square, an office building in Raffles Place, the property’s asset manager said yesterday.
Pacific Star Group said the facility includes $320 million of senior notes that will be listed on the Singapore Exchange – the largest Singapore dollar corporate bond issue this year.
Capital Square is owned by German company Ergo Insurance Group and managed by MEAG Pacific Star Asset Management, a joint venture between Pacific Star and an asset manager of the Munich Re and Ergo Insurance Group.
The proceeds from the facility will be used to refinance existing debt obligations and as working capital for Capital Square, a prime Grade A office property with 86,500 sq ft of net lettable area.
The deal comprises $320 million of three-year senior secured notes at 4.62 per cent, $151 million of junior notes and $78 million of preferred shares. Australia and New Zealand Banking Group (ANZ), through its Singapore branch, was lead arranger for the $549 million refinancing deal and lead manager and underwriter of the $320 million senior notes.
In-principle approval has been obtained to list the senior secured notes on the Singapore Exchange, Pacific Star said.
Its chief operating officer Arjun Dosaj said the company is ‘delighted’ to have secured and completed the ‘groundbreaking’ refinancing programme. Pacific Star has also been re-appointed asset manager of the property, he added.
Source : Business Times – 8 Dec 2009
Pacific Star Group said the facility includes $320 million of senior notes that will be listed on the Singapore Exchange – the largest Singapore dollar corporate bond issue this year.
Capital Square is owned by German company Ergo Insurance Group and managed by MEAG Pacific Star Asset Management, a joint venture between Pacific Star and an asset manager of the Munich Re and Ergo Insurance Group.
The proceeds from the facility will be used to refinance existing debt obligations and as working capital for Capital Square, a prime Grade A office property with 86,500 sq ft of net lettable area.
The deal comprises $320 million of three-year senior secured notes at 4.62 per cent, $151 million of junior notes and $78 million of preferred shares. Australia and New Zealand Banking Group (ANZ), through its Singapore branch, was lead arranger for the $549 million refinancing deal and lead manager and underwriter of the $320 million senior notes.
In-principle approval has been obtained to list the senior secured notes on the Singapore Exchange, Pacific Star said.
Its chief operating officer Arjun Dosaj said the company is ‘delighted’ to have secured and completed the ‘groundbreaking’ refinancing programme. Pacific Star has also been re-appointed asset manager of the property, he added.
Source : Business Times – 8 Dec 2009
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