BlackRock Singapore tower sale: third time lucky

Oversupply, Google leaving, a sluggish economy, and downsizing by financial and commodity-related tenants all weighed on BlackRock’s sale of the grade A office tower.

BlackRock looks set to sell a 43-storey office tower in central Singapore for S$3.4 billion $2.45 billion after twice being left standing at the altar.

The US investment manager said on Monday that it has agreed to sell the grade A office block in Singapore’s Marina Bay business district, Asia Square Tower 1, to the Qatar Investment Authority QIA.

The deal provides a welcome boost to the sluggish office market in Singapore and is notable for its size as it marks the largest single-tower real estate transaction in Asia Pacific to date and the second largest single-tower transaction globally, according to property...

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