Qatar Investment Authority is buying Asia Square’s Tower 1 in Singapore for S$3.4bn (£1.7bn) from BlackRock.
It will be the largest single-tower real estate transaction in Asia Pacific so far, and the second-largest such transaction worldwide, according to data from JLL. Asia Square Tower 1 has 43 floors, comprising 1.2m sq ft of space. Citibank has been the anchor tenant since the building was completed in 2011.
Together with Asia Square Tower 2, it is a landmark development in Singapore’s Marina Bay business and financial district. Mark McCombe, BlackRock’s global head of institutional client business and head of BlackRock Alternative Investors, said: “Singapore remains well positioned as a gateway city offering premium commercial real estate opportunities to international investors.”
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