BlackRock may sell Asia Square Tower 1 for over S$4b: Bloomberg

The owner of Asia Square Tower 1 may sell the building for more than S$4 billion after receiving expressions of interest from potential buyers. This is according to Bloomberg, which quoted BlackRock real estate managing director Greg Lapham in a report dated Jun 17.

BlackRock, which also owns Asia Square Tower 2, hopes to close the deal by the end of the year, Lapham said. Asia Square Tower 1, which is located in the Marina Bay area, has around 1.2 million square feet (sq ft) of office space and about 40,000 sq ft of retail space. Its tenants include Citigroup, Swiss private bank Julius Baer and Google.

The sale of tower one could be a club deal, in which several investors bid together, Lapham said. Asked to comment on the report, a BlackRock spokeswoman described Asia Square as a trophy grade-A office building in Singapore.

“The nature of this asset is that it regularly attracts attention and we continually assess the market for the best outcomes for our tenants and investors,” she said.

Source : Channel NewsAsia – 18 Jun 2015

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