New Star pays top dollar for Singapore real estate
The international property fund adds to its Asian portfolio with the purchase of the Parakou Building in Singapore. It is now on the look-out for more investments.
Having recently raised ú206 million in the UK, New Star Asset Management is on a shopping spree in Asia.Its latest acquisition is the newly built Parakou Building located on Shenton Way in Singapore's downtown commercial district. New Star paid a record S$2,013 per square foot ($1,337.4) for a total outlay of S$128 million ($81.8 million). The building's tenant list includes blue-chip names like Parakou Shipping and Cisco Systems.The New Star purchase continues a trend of foreign inve…
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