BlackRock close to buying 299-unit Citadines Raffles Place for S$300 million
The asset management company is said to have completed due diligence for the hospitality asset, which is within the CapitaSpring building in Market Street
Add BT as a preferred source
A SALE of Citadines Raffles Place serviced apartments seems to be in the offing, with BlackRock said to have completed due diligence for a potential acquisition. The Business Times understands that the pricing is about S$300 million or slightly over S$1 million per unit.
The 299-unit Citadines Raffles Place is within the CapitaSpring building, which is on a site in Market Street with a 99-year leasehold tenure that began on Feb 1, 1982; this leaves about 56.5 years on the lease.
CapitaSpring is owned by a 45:45:10 joint venture involving CapitaLand Integrated Commercial Trust (CICT), CapitaLand Development and Mitsubishi Estate Co.
TRENDING NOW
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
Tiger Beer lines up new products as Singapore operations’ role shifts from brewing to innovation
Single founders, billion-dollar valuations: AI is minting unicorn startups at birth
