CapitaLand pulls out of talks to buy Asia Square Tower 1

CAPITALAND has ceased negotiations regarding its earlier plan to acquire Asia Square Tower 1, the real estate developer said on Wednesday morning.

"CapitaLand wishes to update that parties have for now ceased negotiations regarding the potential acquisition. CapitaLand will continue to explore opportunities which fit in the group's strategy and the terms of which allow the group to generate the required returns," it said in an announcement on the Singapore Exchange.

On Oct 14, CapitaLand confirmed that it is, with other parties, in negotiations with the vendor of Asia Square Tower 1 for a potential transaction. Bloomberg had earlier reported that a consortium of Norway's sovereign wealth fund and CapitaLand had been chosen as the preferred bidder.

The transaction had been seen as potentially the biggest office deal in Singapore.