U.S.-based real estate investment trust AEW Capital Management LP has acquired the Chevron House, grade A office building in Raffles Place, Singapore.

The seller of the property is Singaporean property developer Oxley Holdings.

AEW paid about 1.025 billion Singaporean dollars ($759 billion) for the property, which has an unutilised gross floor area of about 15,000 square feet.

In March last year, Oxley completed the acquisition of the 32-storey building from Deka Singapore, a unit of German lender DekaBank Group for $488.7 million.