Deka Immobilien, a unit of Germany's DekaBank Group, is putting up an office building for sale in Singapore's central business district, according to a person familiar with the matter.
The tower, Chevron House, could fetch about $700 million, said the person, who asked not to be identified because the sale process is private.
Deka acquired the property for around US$420 million (S$580 million) in 2010 from a property fund managed by Goldman Sachs Group, the company said at the time.
The sale of the building follows a flurry of activity in Singapore's commercial property market since last year. A Malaysian-led group bid $2.6 billion in 2016 for a rare site in Singapore's Marina Bay district, while Qatar's sovereign wealth fund acquired an office building from BlackRock for a record $3.4 billion last year.
Blackstone Group earlier this year sold its Sime Darby Centre in Singapore's Bukit Timah area, for $365 million to Singapore developer Tuan Sing Holdings.
"Now is a window of opportunity available for owners to recycle capital given evidence of rents firming up in prime office buildings, albeit at a cyclical low, and continued strong liquidity," said regional executive director of capital markets at Cushman & Wakefield in Singapore Priyaranjan Kumar.
Representatives at Frankfurt- based Deka did not immediately return calls or reply to e-mails seeking comment before normal business hours.
The Chevron House, a high-rise skyscraper in Raffles Place, houses tenants such as Chevron's Singapore unit.
The 262,650 sq ft building comprises a four-storey retail podium with a basement that links directly to the Raffles Place MRT station and a 29-storey office tower.