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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
Stocks mentioned in the article
ChangeLast1st jan.
CAPITALAND COMMERCIAL TRUST -2.15% 1.82 End-of-day quote.-6.19%
CAPITALAND LIMITED -1.06% 3.73 End-of-day quote.5.37%
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Sales 2018 14 960 M
EBIT 2018 5 949 M
Net income 2018 4 530 M
Finance 2018 5 970 M
Yield 2018 2,21%
P/E ratio 2018 18,78
P/E ratio 2019 16,95
EV / Sales 2018 5,22x
EV / Sales 2019 4,66x
Capitalization 84 091 M
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