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“SEB Asset Management is increasing its exposure in Asia. It has acquired the well-known Chinatown Point shopping centre in Singapore via a joint venture with Asian partners. 30% of the transaction is attributable to the SEB ImmoPortfolio Target Return open-ended real estate and another 30% to a segregated account managed by SEB. The parties agreed not to disclose the purchase price.
Chinatown Point is located in the city centre of Singapore at the corner of New Bridge Road and Upper Cross Street, directly above the Chinatown underground station. Inaddition to the existing North-East Line, the new Downtown Line will also depart from there, improving the already good transport connections to the shopping centre.
The property, which was constructed in 1980, has total rental space of 16,446 m2. Office space is located above the retail space and 361 underground parking spaces are available for visitors and employees. Chinatown Point already has a letting rate of 95%. Modernisation work should further increase the letting rate and rental income over the coming years” (CS della Società).
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