Qatar Investment Authority to Acquire Landmark Asia Square Tower in the Heart of Singapore’s New CBD from BlackRock
June 06 2016 - 06:03PM
Business Wire
Qatar Investment Authority (QIA) has reached an agreement with
BlackRock to acquire Asia Square Tower 1 in Singapore at
approximately S$3.4 billion (US$2.45 billion). This marks the
largest single-tower real estate transaction in Asia Pacific to
date, and the second largest single-tower real estate transaction
globally.*
Asia Square Tower 1, an award-winning landmark office building,
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.
* Data as compiled by JLL since 2004
About Qatar Investment Authority
Qatar Investment Authority was founded by the State of Qatar in
2005 to strengthen the country's economy by diversifying into new
asset classes. Building on the heritage of Qatar investments dating
back more than three decades, its growing portfolio of long-term
investments help complement the state's huge wealth in natural
resources.
Headquartered in Doha, and now with a subsidiary in New York “
QIA Advisory “ , QIA is structured to operate at the very highest
levels of global investing. As a world class investor, QIA adheres
to the strictest financial and commercial disciplines. It has a
strong track record of investing in different asset classes,
including listed securities, property, alternative assets and
private equity in all the major capital markets as well as the
newer emerging markets.
For more information, please visit www.qia.qa
About BlackRock
BlackRock is one of the global leaders in investment management,
risk management and advisory services for institutional and retail
clients. At March 31, 2016, BlackRock’s AUM was US$4.737 trillion.
BlackRock helps clients around the world meet their goals and
overcome challenges with a range of products that include separate
accounts, mutual funds, iShares® (exchange-traded funds), and other
pooled investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®. As of
March 31, 2016, the firm had approximately 13,000 employees in more
than 30 countries and a major presence in global markets, including
North and South America, Europe, Asia, Australia and the Middle
East and Africa.
BlackRock Real Estate is the dedicated real estate investment
group within BlackRock and invests in strategies across the risk
and return spectrum, providing access to all major property types.
The business manages over US$21 billion of private and public real
estate equity and debt on behalf of investors worldwide in 17
offices across 11 countries in Asia Pacific, Europe and the US.
The real estate platform, together with the infrastructure
business, combines to form the BlackRock Real Asset group. The
integrated create a group of more than 300 professionals located
across 22 offices and managing over US$30 billion of client assets
as of June 1, 2016.
GMC-0169
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version on businesswire.com: http://www.businesswire.com/news/home/20160606006542/en/
MediaQatar Investment AuthorityLondon:David
Henderson, +44(0)20 7251 3801Andrew Hughes, +44(0)20 7251
3801orAsia:Karen Yu, +852 3166 9888orBlackRockNew York:Tara
McDonnell, 1-212-810-5337tara.mcdonnell@blackrock.comorHong
Kong:Rowena Kwok, +852 3903 2913rowena.kwok@blackrock.comorCynthia
Ng, +852 3903 2553cynthia.ng@blackrock.com
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