It's official: QIA buys Asia Square Tower 1 for S$3.4b

QATAR Investment Authority (QIA) said on Monday it has reached an agreement with a subsidiary of a fund advised by BlackRock to acquire Asia Square Tower 1 in Singapore at about S$3.4 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 storeys of space totalling 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 Platinum certification and has 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 described as a world-class integrated development located in Singapore's Marina Bay business and financial district.

John Saunders, head of APAC for BlackRock Real Estate, commented: "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 advisers for this transaction for BlackRock.

QIA, a sovereign wealth fund, was set up in 2005 to strengthen the country's economy by diversifying into new asset classes.