A joint venture between the Ara Asset Management Ltd.-managed Ara Real Estate Partners Asia II LP and U.K. investment firm M&G is believed to be nearing a deal worth about S$340 million to acquire a commercial building in Singapore's financial district, Mingtiandi reported, citing a source familiar with the transaction.

While the details of the joint venture's structure were not revealed, the news platform identified Homax Pte. Ltd., a private company controlled by the family of Taiwanese billionaire Tsai Tseng-yu, as the vendor of the Robinson Centre at 61 Robinson Rd. under the rumored Sakal Real Estate Partners-brokered deal.

The Robinson Centre is a 20-story building with a net leasable area of about 132,300 square feet. It has 76 years remaining on its 99-year leasehold tenure and is leased to various local and international tenants including banks, financial companies and consultancy firms, Mingtiandi noted.

Ara Asset declined to comment regarding the potential transaction, while Sakal Real Estate did not reply to an inquiry at the time of publication, the Dec. 16 report added.

As of Dec. 16, US$1 was equivalent to S$1.35.