Qatar State Fund Buys Singapore Office Tower for S$3.4 Billion
Qatar Investment Authority, the sovereign wealth fund has agreed to buy BlackRock Inc. Asia Square Tower 1 for S$3.4 billion in the biggest office transaction of Singapore. The building has been on the market since last year after bids by Norway’s sovereign wealth fund and Capitaland Ltd and ARA Asset Management Ltd failed to clinch the deal.
“Qatar Investment Authority, the sovereign wealth fund has agreed to buy BlackRock Inc. Asia Square Tower 1 for S$3.4 billion.”
Asia Square is owned by MGPA, which was acquired by BlackRock in 2013. MGPA developed the towers on two adjoining plots it won in 2007 at government land auctions. Tower 1 has an occupancy rate of 91 percent, according to Cushman & Wakefield Inc. Google Inc., one of the tenants, plans to relocate to a business park outside the main business district after its lease ends this year, the broker said.
About Qatar Investment Authority
Qatar Investment Authority is the sovereign wealth fund of the State of Qatar. Under the vision and leadership of our Chairman, HH Sheikh Abdullah bin Hamad bin Khalifa Al Thani, we are proud to be both an important building block of the Qatar National Vision 2030, and a respected professional global investor. Since 2005, we have built a major global portfolio that now spans a broad range of asset classes and regions. We have done so by investing and managing the funds we are responsible for in a professional, strategic and prudent manner; and by simultaneously developing QIA into a dynamic, multinational, world-class organisation.
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BlackRock is trusted to manage more money than any other investment firm*, and our business is investing on behalf of our clients, from large institutions to the parents and grandparents, the doctors and teachers who entrust their savings to us. We work only for our clients—period. Our promise is to offer them insight about what to do with their money and the products and services that can help them plan for a better financial future. That’s why companies, institutions and global governments come to us for help meeting their biggest financial challenges.
CapitaLand is one of Asia’s largest real estate companies headquartered and listed in Singapore. We leverage our significant asset base, design and development capabilities, active capital management strategies, and extensive market network and operational capabilities to develop high-quality real estate products and services. Our diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Our two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. CapitaLand also has one of the largest real estate fund management businesses with assets located in Asia.
About ARA Asset Management
ARA Asset Management Limited (“ARA”) is a premier integrated real estate fund manager in Asia, founded on its core values of Respect, Excellence, Integrity and Teamwork. Established in 2002, ARA is driven by a vision to be a best-in-class investment manager, offering bespoke solutions and enduring value to its investors and partners. Over the years, ARA has distinguished itself with its strong track record, extensive business network, local operational expertise and uncompromising fiduciary commitment. ARA has built a diverse suite of real estate investment trusts (“REITs”) and private real estate funds that are invested in the office, retail, logistics/industrial, hospitality and residential sectors in the Asia Pacific region. Complemented by its in-house real estate management services and advisory services, ARA creates value in every stage of the asset life cycle.
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