AEW boosts Singapore office exposure

Singapore

AEW is increasing its presence in the Singapore office market. The US-based global institutional property investment manager is understood to be the buyer of 55 Market Street in the traditional Raffles Place financial district.

Last week, vendor Frasers Commercial Trust (FCOT) announced the S$216.8 million sale of the 16-storey building but did not name the buyer. This is the second Singapore office asset AEW clinched in less than two weeks. In late June, it entered into a deal to buy Twenty Anson from CapitaLand Commercial Trust (CCT) for S$516 million. CCT in its announcement of the sale also did not name the buyer.