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.”