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Allen & Gledhill has advised CapitaLand Integrated Commercial Trust Management (CICT) as one of the two sellers of Singapore office building One George Street for S$1.28 billion ($950 million) to a joint venture between JP Morgan Asset Management and Nuveen Real Estate, with Rajah & Tann representing the purchasers.

CICT owned 50 percent of the building, with the rest owned by insurer FWD Group.

One George Street was originally developed by CapitaLand and German insurer ERGO. The joint venture sold the property in 2008 for S$1.17 billion to CapitaLand Commercial Trust, which last year merged with CapitaLand Mall Trust to become CICT, said property website Mingtiandi.

The Allen & Gledhill team was led by partners Eudora Tan and Teh Hoe Yue. Meanwhile, the Rajah & Tann team was led by partners Norman Ho, Ng Sey Ming, Tan Mui Hui, Gazalle Mok, and Ho Mei Shi.

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