Sale of Capital Square


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The Challenge

Capital Square is an iconic Grade A office building located in Singapore’s Raffles Place CBD. It comprises of 16 storey of prime office space measuring approx 339,000 ft with 362 car parks. In addition, the development comprises of 2 row of heritage conserved shop houses which have 38,000 ft of boutique offices and approx. 9,600 ft of retail. It was the biggest core asset listed for sale in Asia Pacific in Q1, 2011 amidst the of re-emerging economic and geopolitical concerns. Of pressing need to the vendor, was the need to completed the transaction before end of April 2011 due to pending financial commitments by end of June 2011.

Cushman & Wakefield’s Singapore Capital Markets team was appointed after an open market, competitive pitch and chosen for the clarity of our marketing plan and tactcial elements best suited for this time of the cycle.  


The Solution

C&W planned and executed an aggressive marketing campaign the corner stone strategy for which was a global road show to a pre-qualified set of over 60 investors across US, Canada, Europe, UK, Australia and Asia within a space of 15 days. These investors were identified based on C&W's in-depth knowledge of their need and desire to acquire a core asset in Singapore and Asia. This was followed by a very prescriptive and tightly controlled process which utilized frequent campaign broadcasts and meetings to create the desired level of competitive tension in the marketplace. Finally, two successive rounds of bidding were conducted in an aggressive time frame following an Expression of Interest method.


The Results

C&W was able to execute per agreed plan and well within target timelines. Through the process, C&W amply demonstrated its unique strengths which added great value to the campaign - seamless global platform, relationships with a uniquely qualified set of global investors, highest levels of probity and transparency and support in areas of research and financial analysis. At a value of $700 million, Capital Square is the largest single asset brokered transaction in Asia during 2011 and was completed in a record time frame of 11 weeks. The sales price exceeded vendor's internal estimates.

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