Union Investment achieves lettings success in Asia and bucks the trend (DE)

Despite the significant impact of the real estate crisis on countries around the world, including Singapore, Union Investment Real Estate GmbH has successfully let three entire storeys of the Vision Crest Commercial office building, which it acquired in 2008 as a development project.

Vision Crest Commercial

The Vision Crest Commercial office building in Singapore is almost fully let.

In total, more than 4,000 m² of space has been let on long-term leases. The office ensemble, which is part of the UniImmo: Global portfolio, is now virtually fully let. "This successful letting on a long-term, sustainable basis highlights the quality of our local approach to asset management," says Dr. Karl-Joseph Hermanns-Engel, a member of the Union Investment Real Estate GmbH management board.

A further company in the health technology sector was attracted in the shape of Tyco Healthcare Pte. Ltd, part of the Covidien group, while hotel conglomerate Hilton International Asia Pacific Pte Ltd is moving its regional headquarters to the building. The University of Chicago has also extended its lease for the listed House of Tan Yeok Nee for an additional three years, covering over 2,000 m² of space. These signings help confirm the building's reputation as the headquarters for successful international companies operating throughout Asia. Unilever Asia Pte Ltd, Abbott Laboratories Pte Ltd and Ricoh Asia Pacific Pte Ltd are already based here.

Source: Union Investment

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