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BlackRock to Sell Singapore Office Tower for US$1.6 Billion

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09/21/2017 | 06:42am CET
   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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Financials ($)
Sales 2017 12 279 M
EBIT 2017 5 193 M
Net income 2017 3 617 M
Debt 2017 -
Yield 2017 1,96%
P/E ratio 2017 23,10
P/E ratio 2018 20,20
Capi. / Sales 2017 6,68x
Capi. / Sales 2018 6,04x
Capitalization 82 069 M
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BlackRock Technical Analysis Chart | BLK | US09247X1019 | 4-Traders
Technical analysis trends BLACKROCK
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 526 $
Spread / Average Target 2,7%
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NameTitle
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Christian Clausen Chairman
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
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