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CapitaLand purchases BlackRock tower in Singapore

26 September 17 - Irene Theofanidou
CapitaLand purchases BlackRock tower in Singapore

COMPANIES

GAIAOSE S.A.

Agency - GREECE

Solum Property Solutions

Consultant - GREECE

ΕΡΡΙΚΟΣ ΑΡΩΝΕΣ

Investment - GREECE

ARXIKON S.A.

Developer - GREECE

ETAD.A.E.

Public entity - GREECE

PEOPLE

CapitaLand Commercial Trust, the real estate investment trust under Singapore's top property developer CapitaLand, announced Thursday that it is buying Asia Square Tower 2, a top-end office tower in Singapore, from the American fund BlackRock for 2.094 billion Singapore dollars ($1.55 billion).

 

The purchase marks the second-largest office property deal in the country's history, according to asia.nikkei.com.

The biggest office transaction so far in Singapore is that of the adjacent Asia Square Tower 1.

The bigger tower was bought by Qatar Investment Authority in June 2016 from BlackRock for S$3.4 billion.

On a per-square-foot basis, CapitaLand Commercial Trust is paying S$2,689, less than the S$2,700 that the Qatari sovereign wealth fund paid.

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