StarHub Green sold for about S$260m

Singapore

BLACKSTONE has sold StarHub Green, a light industrial building along Ubi Avenue 1, to a recently minted private property fund managed by Singapore-based AEP Investment Management (AEPim).

The price is believed to be close to S$260 million, translating to a net yield of around 5.5 per cent. The site is on a balance lease term of about 42 years.

Anchor tenant StarHub has renewed its lease in the building for a 10-year term starting January. It occupies some 220,000 square feet, or 54 per cent of the building's 405,386 sq ft net lettable area.

Located near MacPherson MRT Station, the property enjoys prominent visibility from the Pan I…