Collaborative teams of experts to deliver best-in-class advice. Experts choose experts.
Buyer: PGIM Real Estate
Seller: SIN Capital
Services provided: Brokerage
The vendor was looking to divest their asset over a tight timeline and required a discreet process.
Additionally, due to the uncertainties as a result of COVID-19 in Singapore at that point of time, site visits and underwriting/IC approvals proved to be challenging.
Colliers leveraged on our internal network to reach out to an approved list of investors to maintain confidentiality, and by focusing on value-add prospective acquirers who were looking to improve the rental income by doing substantial AEI to the building.
Colliers provided the vendor with a curated list of 20 prospective buyers and successfully executed NDAs with all parties. Understanding the client and their investment requirements allowed the team to propose a list of prospective buyers that would be interested in the asset and that were able to work within the tight timeline as requested by the vendor.
Additionally, the team supported the prospective acquirer by providing them with market data and reports for their underwriting and Investment Committee approval; office growth trends for both rents and capital values, as well as Covid-19 related information to help educate their overseas Investment Committee on the situation here in Singapore.
Colliers successfully secured an offer that matched the vendors price and timeline expectations.
By conducting a tight marketing campaign, the team was able to present to the vendor offers at the expected pricing and recommended the investor with the lowest execution risk.
PGIM subsequently purchased the building and the sale was completed in Q2 2021.
Additionally, Colliers introduced our property management business to further promote cross-service lines collaboration, and the property management team secured a contract has been renewed for another year at market rate.
Connect with our Capital Markets and Investment Services experts today to find out how we can accelerate the success of your real estate investment.
View more of our client success stories and expert thought leadership here.