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.