Asia Square Tower 1 has been sold by a BlackRock advised fund to the Qatar Investment Authority (QIA) at approximately $2.45 billion U.S. dollars.
Rob Blain, Executive Chairman of CBRE Asia Pacific tells World Property Journal, "The sale of Asia Square Tower 1 to the Qatar Investment Authority underlines the strong demand for prime core assets around the world, and the ongoing appeal of real estate as a prized asset class. CBRE continues to work tirelessly to build advantage for its clients and this transaction is a great result for the BlackRock-advised fund, the Qatar Investment Authority and for Singapore itself, as the city cements its position as one of the most important commercial real estate markets in the world. CBRE is very proud to have been involved in this major transaction".
Jeremy Lake, Executive Director of Investment Properties at CBRE Singapore commented, "We courted some of the world's largest funds and leading investors for this exercise and without exception, all of them were in agreement that Asia Square is a premium office asset; the building quality and superior location in the expanding Marina Bay are indisputable. The buyer and seller can walk away from this deal smiling as both have achieved excellent outcomes".
Asia Square Tower 1 was awarded Green Mark Platinum status and has world class building/technical specifications. It has the largest floor plate in Marina Bay. The anchor tenant is Citi, and CBRE and JLL were joint sole advisors for this transaction for the BlackRock-advised fund.