Qatar state fund buys Singapore office tower that is home to Google in US$2.45 billion deal
Asia Square Tower One is being sold by BlackRock in the largest single-tower real estate transaction in the Asia Pacific to date
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.