In the largest office transaction in Asia Pacific this year, a Singapore real estate company purchased an office tower from investment manager Blackrock.
Singapore real estate company, CapitaLand, has agreed to buy Asia Square Tower 2, part of a commercial development in Singapore’s Marina Bay business and financial district for $2.09 billion Singapore dollars.
The 46-storey Tower 2 is home to major financial institutions such as Allianz, Mizuho, Mitsui, National Australia Bank and Westpac. Asia Square Tower 1 was sold in June 2016 to sovereign wealth fund Qatar Investment Authority for $3.4 billion.
Best in Class Asset
The sale represents the largest office transaction in both Singapore and the Asia Pacific (APAC) region in 2017 and is the second largest office transaction globally this year. Real estate consultancy JLL advised on the deal on behalf of the seller, Blackrock Asia Property Fund III.
«With its sought-after location and first class amenities, Asia Square is one of the finest commercial real estate assets in Singapore and, more broadly, in Asia. Buildings of this quality and prominence are hard to come by,» said Stuart Crow, head of APAC Capital Markets, JLL.
