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News Release

Singapore

Jones Lang LaSalle brokered  the sale of NOL Building to Fragrance Group


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SINGAPORE, 25 October, 2012Jones Lang LaSalle is pleased to announce that it has successfully brokered the sale of 456 Alexandra Road (“NOL Building”) on behalf of NOL to the Fragrance Group.  The NOL Building is a 26-storey freehold office building in the Alexandra  precinct.  The NOL Building, completed in 1983, is located on a freehold site of 108,060 sq ft and is currently occupied and is the head quarter of the NOL group of companies. The site has a “commercial” zoning and the permitted plot ratio for the area is 2.80.

After a comprehensive  marketing campaign the site has been acquired by a local developer Fragrance Regal Pte Ltd, part of the listed Fragrance Group Ltd, for a total purchase price of $380 million which represents $1,831 psf on current Net Lettable  Area.  NOL will take a short term leaseback of the building up to end of June 2014.

Jones Lang LaSalle’s National Director of Investment Sales, Anthony Barr, said “The response to the sale process from potential bidders was particularly strong and reflected interests from both developers and institutional buyers.  The robust bidding process and keen interests from prospective buyers reflected the unique offering.  It is rare to have the opportunity to buy such a large freehold site in a location with a potential for strong commercial growth”.

At S$380 million the transaction is the largest sale of a decentralised single commercial asset this year and is the first open market transaction of a commercial project in the Alexandra precinct. Anthony Barr added  “Ownership of commercial sites in the Alexandra precinct are highly concentrated.  The opportunity to acquire such a site is limited and bidding enquiry reflected this”.





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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was highly commended in a further three countries. For further information, please visit www.ap.joneslanglasalle.com
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