Metro JV acquires Grade-A Tampines office building
Through the investment with Evia Real Estate, Metro aims to gain exposure to Singapore's Grade-A decentralised office market
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Janice Heng
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Singapore
METRO Holdings unit Metrobilt Construction has entered a 50:50 joint venture to acquire 7 and 9 Tampines Grande, a premium Grade-A office property, the group said on Thursday night. While the purchase price was not disclosed, sources put the figure to be S$395 million. Metro's 50 per cent capital commitment for the investment is about S$45.6 million.
Metro said the investment is in the ordinary course of its property investment and development business. Through the investment, Metro aims to gain exposure to Singapore's Grade-A decentralised office market.
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