QIA said to be in exclusive talks to buy Asia Square Tower 1
Singapore
A NEW party is in exclusive negotiations with BlackRock to buy Asia Square Tower 1. This time, sovereign wealth fund Qatar Investment Authority (QIA) is said to be the potential buyer.
The price is estimated at around S$2,700 per square foot of net lettable area (NLA). Based on the 43-storey tower's 1.2 million sq ft of offices and about 40,000 sq ft of retail space, the lumpsum price would be around S$3.35 billion.
Asia Square is owned by BlackRock Asia Property Fund III, formerly known as MGPA Asia Fund III.
When contacted, QIA's spokesman declined to comment.
The sovereign wealth fund (SWF), through its unit Katara Hospitality owns the iconic Raffles Hotel in Singapore. Last year, QIA partnered Singapore's The Ascott, a unit of CapitaLand Group, to set up a 50:50 US$600 million fund to invest in serviced residences and rental housing properties. The …
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