Singapore: Asia Square Tower One acquired by QIA

Facade_Asia Square 2

BlackRock, the world’s largest asset managing firm, reached an agreement with the Qatar Investment Authority (QIA) earlier this week for the sale of Asia Square Tower One in Singapore. The building, whose primary tenant up to now has been Citibank, sports LEED-CS platinum certification and 35,000 feet of column-free floor. The property was reportedly sold for USD $2.5 Billion dollars.

Mark McCombe, BlackRock’s Global Head of Institutional Client Business and Head of BlackRock Alternative Investors, remarked BlackRock’s value of their strong partnership with QIA, and went on to say that the firm was “delighted to have the opportunity to work closely with them on this landmark real estate transaction.”

Additionally, he praised Singapore as a gateway city of opportunities in real estate for long-term investors.

John Saunders, Head of APAC for BlackRock Real Estate expanded by adding that the company was proud to have developed the building complex from the ground up, and emphasised their excellent tenant base. Finally remarking that they were pleased with the sale, and looked forward to working closely with QIA to maintain the pre-eminent status of Asia Square.

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