Property

Qatar buys Singapore office tower for $2.45bn

The 1.25 million sq ft Asia Square Tower 1 has the largest floor plate in the Marina Bay area

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Singapore’s Asia Square Tower 1, located in the Marina Bay business district, has been sold by a BlackRock-advised fund to the Qatar Investment Authority for $2.45 billion.

According to a press release by CBRE, the consultancy along with Jones Lang Lasalle were the joint advisors for the transaction.

The 1.25 million square foot tower currently has the largest floor plate in the Marina Bay area and has been awarded Green Mark Platinum status.

Its anchor tenant is Citi, while other tenants include Google Asia Pacific, Swiss National Bank and Vodafone.

“The sale of Asia Square Tower 1 to the Qatar Investment Authority underlines the strong demand for prime core assets around the world, and the ongoing appeal of real estate as a prized asset class,” said Rob Blain, executive chairman at CBRE Asia Pacific.

“CBRE continues to work tirelessly to build advantage for its clients and this transaction is a great result for the BlackRock advised fund, the Qatar Investment Authority and for Singapore itself, as the city cements its position as one of the most important commercial real estate markets in the world. CBRE is very proud to have been involved in this major transaction”.

Jeremy Lake, executive director of investment properties at CBRE Singapore, said: “We courted some of the world’s largest funds and leading investors for this exercise and without exception, all of them were in agreement that Asia Square is a premium office asset; the building quality and superior location in the expanding Marina Bay are indisputable. Marina Bay is Singapore’s equivalent to London’s Canary Wharf or Shanghai’s Lujiazui. The buyer and seller can walk away from this deal smiling as both have achieved excellent outcomes”.

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