Qatar state fund buys Singapore office tower that is home to Google in US$2.45 billion deal

Qatar Investment Authority, the country’s sovereign wealth fund, has agreed to buy the Asia Square Tower One office complex in Singapore for a reported US$2.45 billion from investment firm BlackRock, in the largest single-tower real estate transaction in the Asia Pacific to date.

Real estate consultancy JLL, who advised on the deal, said in a media release that the transaction was also the second-largest single-tower deal globally.

It did not give a price for the deal, but media reports said the Qatar fund paid US$2.45 billion, or US$1,960 per square foot.

The tower, which counts Google and Citigroup among its tenants, is located in Singapore’s Marina Bay business and financial district and is part of a two-tower development owned by BlackRock since it bought MGPA, the property-focused fund manager, from Macquarie Group in 2013.

The 43-storey property comprises more than 1.2 million square feet of Grade A office space and nearly 40,000 square feet of retail space. The deal is the biggest in Singapore both in terms of dollar amount and square footage.