Alternatives

New Star pays top dollar for Singapore real estate

By Liz Mak | 26 July 2007
Keywords: star | simon | tyrrell | singapore

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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 £206 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 investments pouring into commercial property in Singapore. In March, Australia's Macquarie ...

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