Singapore Tower Sold for Usd1.5bn

• 13 November 2017
• Property Focus
• 2003 Views

A transaction between two of the largest players in Asian real estate has seen Asia Square Tower 2 has been sold in Singapore for around USD1.5 billion, the second largest sale of an office building ever in the city-state.

CapitaLand Commercial Trust agreed to buy Asia Square Tower 2 BlackRock Inc.’s from Blackrock in a deal which was funded by a rights issue of about USD513 million and bank borrowings of about USD822 million.

Capitaland remains Singapore’s largest office landlord by a significant margin.

“The deal provides another pricing benchmark which reconfirms that the recovery in office rents and prices is well underway in Singapore,” said Jeremy Lake, executive director of capital markets at CBRE Inc. in Singapore. CBRE was one of the advisers to BlackRock.