QIA secures Asia Square’s Tower 1 deal

Qatar Investment Authority is buying Asia Square’s Tower 1 in Singapore for S$3.4bn (£1.7bn) from BlackRock.

This marks the largest single-tower real estate transaction in Asia Pacific to date, and the second largest single-tower real estate transaction globally, according to data from JLL.

Asia Square Tower 1 is 43 floors comprising 1.2m sq ft of space. Citibank has been the anchor tenant since the building’s completion in 2011. Together with Asia Square Tower 2, the complex is a landmark integrated development located in Singapore’s Marina Bay business and financial district.

Mark McCombe, BlackRock’s global head of institutional client business and head of BlackRock Alternative Investors, said: “Singapore remains well positioned as a gateway city offering premium commercial real estate opportunities to long-term international investors.”

John Saunders, head of APAC for BlackRock Real Estate, said: “This premier office project is testament to BlackRock’s strong capability in real estate development and management to meet the needs of tenants and investors seeking core assets.”

Other News

C&W predicts jump in European investment

Investment into European property will rebound with 6.3% growth in volumes in 2017 despite rising inflation and political volatility, forecasts from Cushman & Wakefield’s 2017… Read more »

A Asia

2016 global top 100 real estate owners

Only the US, China, Japan and Germany have GDPs larger than the total assets held by Estates Gazette Global’s top 100 real estate owners. This… Read more »

A Asia

Centres of excellence

The top 100 richest cities in the world account for around one-third of global GDP. To access 25% of available global output, you would need… Read more »

A Asia