BlackRock fund acquires 7 strata office units in Prudential Tower

Singapore

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."

He went on to add that BlackRock remains committed to identifying suitable real estate opportunities for its long-term investors in Singapore and the Asia-Pacific.

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.

The tower is a BCA Green Mark GoldPlus certified building, and was conferred the Water Efficient Building Award by the Public Utilities Board in 2009 and the FIABCI Prix d'Excellence Award in the office category in 2003.