BlackRock completes acquisition of strata office units in Prudential Tower
A PRIVATE real estate fund managed by BlackRock has acquired seven strata office units in Prudential Tower for about S$130 million from consortium Epic Land.
Prudential Tower is a 30-storey Grade A commercial property in the heart of the Central Business District (CBD).
John Saunders, head of Asia-Pacific for BlackRock Real Estate, said: "We are delighted to have acquired strata office floors of Prudential Tower in the Raffles Place CBD, at a time when Singapore is enjoying favourable momentum in the office leasing sector underpinned by strong market fundamentals - low vacancy rates, limited supply and rising rents."
Epic Land is owned by Lian Beng Group, KSH Holdings, KOP and Centurion Global; their shareholdings are 32 per cent, 28 per cent, 25 per cent and 15 per cent respectively.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results