- The largest-ever single-tower real estate deal in the Asia-Pacific region
- 43-storey office building
- Norway's sovereign wealth fund also wanted it
Recording the biggest single-tower real estate transaction in the Asia-Pacific, BlackRock agreed to sell the Asia Square Tower 1, a 43-story office building in Singapore, to the Qatar Investment Authority.
QIA will pay S$3.4 billion, or 2.5 billion dollars, for the Tower located along Marina View at Marina Bay, making this the largest-ever single-tower real estate deal in the Asia-Pacific region.
Amongst its more than 1.25 million square feet of net lettable area, the most prominent tenant in the building is Citigroup.
BlackRock was advised by real estate consultant firms JLL and CBRE. According to Seeking Alpha, the tower was on the market since last year after bids by a consortium of Norway's sovereign wealth fund and CapitaLand, and rival bids by ARA Asset Management failed to clinch the deal.