KKR completes acquisition of Twenty Anson

Singapore 50 dollar bill

KKR has completed its acquisition of office property Twenty Anson, located in Singapore’s central business district (CBD), the global asset manager said in a press release Monday. 

Earlier this month, Mingtiandi had reported, citing sources familiar with the deal, that the pricing was at S$599 million.

The seller is AEW, a global institutional property investment manager, which said on its website the 20 Anson property is held as part of its core plus and value-add strategies. AEW has said it manages US$89.7 billion of property and securities in North America, Europe and Asia as of end-September 2021. 

CapitaLand Commercial Trust had sold the 20-storey property in 2018 for S$516 million, after acquiring it for S$430 million in 2012. 

KKR said the deal was its first real estate office investment in the city-state, and marked a sign of its confidence in Singapore’s status as a regional financial hub and in the long-term prospects of its office market. The investment is part of the Asia Pacific real estate strategy, KKR said. 

“Our acquisition of Twenty Anson is aligned with our strategy of pursuing opportunities in Southeast Asia, including in Singapore that will benefit from long-term tailwinds such as the city-state’s status as a leading destination for corporations’ Asia headquarters, and as Singapore re-opens and stabilizes in a post-Covid environment,” Jeremy Chee, principal and KKR’s real estate lead in Southeast Asia, said in the statement.

“We are also attracted by Twenty Anson’s strong ESG credentials, which tenants increasingly seek and complements KKR’s global expertise in ESG,” Chee said. 

Other acquisitions by KKR in Asia Pacific as part of its real estate strategy include Seoul office tower Namsan Square, two Seoul office towers K Twin Towers, Melbourne-based office complex World Trade Center, Sydney hotel Sofitel Sydney Wentworth and a mixed-use property near the Shanghai Bund, the release said. 

 

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