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
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.
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