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Asia Square Tower 1 expected to sell at over S$4bil: report

BlackRock earlier this week said it has received expressions of interest for its Asia Sqaure Tower 1 building and that it could sell for more than S$4 billion, according to a report from Bloomberg dated 17 June quoting the asset manager’s real estate managing director Greg Lapham.

Lapham was also quoted saying BlackRock might also look to sell Asia Square Tower 2. He said Both towers are worth S$7 billion.

The office tower is expected to sell in a club deal in which several investors bid together, Lapham said, also sighting the possibility that the building could attract institutional investors such as sovereign wealth funds and pension funds.

It is noted that BlackRock acquired Asia Square Tower 1 from MGPA in 2013. It also took control over the investment firm’s US$12 billion (S$16.17 billion) assets under management, of which about 66 percent are situated within the Asia-Pacific region. The office building’s anchor tenants include Citigroup, Google and private equity firm KKR.

The sale, which is brokered by CBRE and JLL, would be the firm’s second property sale in Singapore for 2015 following the sale of its AXA Tower for S$1.7 billion to Perennial Real Estate Holdings and its consortium

Sources: CommercialGuru, Jun 15, 2015

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