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BlackRock to Sell Singapore Office Tower for US$1.6 Billion

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09/21/2017 | 06:42am CEST
   By P.R. Venkat 
 

American asset manager BlackRock Inc. (>> BlackRock) plans to sell an office building in the heart of Singapore's business district to a local real estate investment trust for 2.15 billion Singapore dollars (US$1.6 billion).

CapitaLand Commercial Trust (C61U.SG) will buy Asia Square Tower 2 from BlackRock Asia Property Fund III L.P., the Singapore listed firm said in a filing to the central bank.

The sale would be one of Singapore's biggest real-estate deals so far this year and would be BlackRock's fourth property sale in the city-state since 2015. Last year, it sold its Asia Square Tower 1 in the Marina Bay district to Qatar sovereign wealth fund Qatar Investment Authority for S$3.4 billion.

CapitaLand Commercial Trust said it will fund the acquisition with a rights issue and bank loans.

Write to P.R. Venkat at [email protected]

Stocks mentioned in the article : BlackRock
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EBIT 2017 5 193 M
Net income 2017 3 616 M
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Capi. / Sales 2017 6,23x
Capi. / Sales 2018 5,63x
Capitalization 76 753 M
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Derek N. Stein Global Head-Business Operations & Technology
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