Manulife’s real estate arm announced that it has acquired an office tower located at the heart of Singapore’s business center.
The tower, called 8 Cross Street, is a 28-storey building with 355,000sq ft of space. Located in Raffles Place Central Business District, the building is valued at US$526 million (approximately C$700 million).
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The transaction is the second largest in Manulife Real Estate’s global portfolio to date, a release said.
The building will serve as Manulife’s headquarters for its Singaporean operations; the country is the insurer’s third largest market in Asia.
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“Eight Cross Street is our first real estate acquisition in Singapore. It is a reflection of our expanding commitments in Singapore, where Manulife has maintained operations for 36 years,” said Manulife Real Estate president and CEO Kevin Adolphe. “This acquisition enables us to relocate offices into a prominently located CBD tower, while accommodating future growth plans for our operations.”
“This purchase is an exciting move that reflects our strong success in Singapore and shows Manulife’s commitment to business in the area, an important financial hub in Asia,” commented Manulife Singapore CEO Naveed Irshad. “Having our own Manulife building in a prominent location in the Central Business District will help us further strengthen the Manulife brand and provide greater visibility to our consumers.”
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