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Asia Square Tower 1 sold to Qatar investment authority

Singapore - Moscow, 9 June 2016 - Asia Square Tower 1 has been sold by a BlackRock-advised fund to the Qatar Investment Authority (QIA) at approximately S$3.4billion (US$2.45 billion). CBRE was one of the two advisors for this transaction for a BlackRock-advised fund.

Rob Blain, Executive Chairman, CBRE Asia Pacific:

“The sale of Asia Square Tower 1 to the Qatar Investment Authority underlines the strong demand for prime core assets around the world, and the ongoing appeal of real estate as a prized asset class. CBRE continues to work tirelessly to build advantage for its clients and this transaction is a great result for the BlackRock-advised fund, the Qatar Investment Authority and for Singapore itself, as the city cements its position as one of the most important commercial real estate markets in the world. CBRE is very proud to have been involved in this major transaction”.

Jeremy Lake, Executive Director, Investment Properties, CBRE Singapore:

“We courted some of the world’s largest funds and leading investors for this exercise and without exception, all of them were in agreement that Asia Square is a premium office asset; the building quality and superior location in the expanding Marina Bay are indisputable. Marina Bay is Singapore’s equivalent to London’s Canary Wharf or Shanghai’s Liujiazui. The buyer and seller can walk away from this deal smiling as both have achieved excellent outcomes”.

Asia Square Tower 1 was awarded Green Mark Platinum status and has world class building/technical specifications. It has the largest floor plate in Marina Bay. The anchor tenant is Citi.

Irina Ushakova, Senior Director of Capital Markets Department, СBRE in Russia, said: 

“Singapore and Moscow share an appetite from Middle Eastern investors. Qatar Investment Authorities acquired an investment property in Moscow in 2014 and just closed a deal in Singapore. Moscow office income producing business centers, just like in Singapore, are also on the radar of investors, not only of Middle Eastern but also of Asian and western origin. The sale of White Square in 2012 and Evolution Tower in 2016 are among billion-worth office deals in Moscow. Investors are currently seeking opportunities of high quality and corrected pricing, reflecting current market situation. At the same time, those opportunities are difficult to capture and realize: investment product is limited in Moscow, and landlord pricing expectation is holding up with the anticipation of market recovery. Nevertheless, we expect an increase in market activity in H2 2016, resulting in a total 2016 investment volume in commercial real estate of approximately US$4.5 bn USD.”