Thursday, May 23, 2019 1:08 AM

Home / QIA buys Singapore tower for $2.45 bn

QIA buys Singapore tower for $2.45 bn

Qatar Investment Authority (QIA) has recently acquired Asia Square Tower 1 sold by a BlackRock-advised fund for US$2.45 billion.

CBRE and JLL are joint sole advisors for this transaction for a BlackRock-advised fund.

Rob Blain, Executive Chairman, CBRE Asia Pacific, said: “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, Investment Properties, CBRE Singapore, stated: “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. Marina Bay is Singapore’s equivalent to London’s Canary Wharf or Shanghai’s Liujiazui. 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. It is located in Marina Bay, Singapore's new business and financial precinct. It comprises 2,000,000 square feet of office space, over 30 entertainment and dining premises, and the largest gym in the Central Business District.