CapLand Finalising Buy Of Eureka Office Fund Stake

Source : The Business Times, August 24, 2007

CAPITALAND said yesterday it is finalising the purchase of its partner's 50 per cent stake in Eureka Office Fund, which owns One George Street and 163 strata-titled units in The Adelphi.

CapitaLand and Eureka GmbH, part of Munich Re Group, have equal stakes in the fund.

CapitaLand, which was responding to a BT report yesterday saying it was eyeing full control of One George Street, did not give further information. But it is widely known in property circles that a collective sale of The Adelphi, a 999-year leasehold property in the City Hall area, is being explored.

When Eureka Office Fund was created in 2001, it controlled 100 per cent of the offices and 38 per cent of the retail units in The Adelphi, had a 19.92 per cent stake in Temasek Tower and 100 per cent of Pidemco Centre in South Bridge Road.

The Pidemco Centre was later redeveloped into One George Street.

Earlier this year, the fund and CapitaLand sold their entire stakes in Temasek Tower for $1.04 billion.