It is home to numerous wealth managers including Julius Baer, J.Safra Sarasin and Citi Private Bank, and is now owned by the huge Qatari Sovereign Wealth Fund.
finews.asia reported recently that several suitors had been circling the prize asset including the local Singapore fund GIC and the massive $800 billion Norwegian state fund.
Largest Transaction
The Qatar Investment Authority (QIA) has shelled out approximately $2.45 billion to acquire the property from BlackRock, making the deal one of the most significant single-tower real estate transactions in Asia-Pacific to date, and the second largest single-tower real estate transaction globally.
«We value our strong partnership with Qatar Investment Authority, and are delighted to have the opportunity to work closely with them on this landmark real estate transaction. Singapore remains well-positioned as a gateway city offering premium commercial real estate opportunities to long-term international investors,» said Mark McCombe, BlackRock's Global Head of Institutional Client Business and Head of BlackRock Alternative Investors.
