Qatar Investment Authority (QIA) has reached an agreement with BlackRock to acquire Asia Square Tower one in Singapore at approximately S$3.4 billion ($2.45 billion).
Asia Square Tower 1 offers 43-stories of space totaling over 1.25 million square feet of net lettable area. This property has received the US Green Building Council’s Leadership in Energy & Environment Core & Shell (LEED-CS) Platinum certification, which remains the highest accolade for environmental sustainability, and boasts column-free floor space of up to 35,000 square feet.
Citibank has been the anchor tenant since the building’s completion in 2011. Together with Asia Square Tower 2, the complex is a world-class 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, "We value our strong partnership with Qatar Investment Authority, and are delighted to have the opportunity to work closely with them on this landmark real estate transaction. 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, commented, “We are proud to have developed Asia Square from the ground up after the land acquisition in Marina Bay, and leased the property to an excellent tenant base. 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. We are very pleased with the sale, and look forward to working closely with Qatar Investment Authority to maintain the pre-eminent status of Asia Square.” JLL and CBRE are joint sole advisors for this transaction for BlackRock.
By Matthew Amlôt
