Investments
 
Springleaf Tower
 
Location Singapore
Date acquired Acquired by MGP Fund II in December 2006
Structure 100% ownership of 12 Strata Floors
Investment type Strata title office floors
Description

Springleaf Tower is a 37 storey, A grade office building completed in 2002. The property is in an excellent location in Shenton Way and has direct underground access to Tanjong Pagar MRT station. The 12 floors acquired by the Fund have a total strata area of 11,649 m² and net leaseable area of 9,806 m².

Investment strategy

The investment strategy was based on an opportunistic acquisition of 12 strata floors, in a under-rented Grade A office property, in a market with limited supply and strong demand. Leasing terms were renegotiated at current market rates which were on the increase at time of acquisition.

Date sold September 2007
   
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Wilanow One artist impression