BlackRock to Sell Singapore Office Tower for US$1.6 Billion
September 21 2017 - 12:56AM
Dow Jones News
By P.R. Venkat
American asset manager BlackRock Inc. (BLK) plans to sell an
office building in the heart of Singapore's business district to a
local real estate investment trust for 2.15 billion Singapore
dollars (US$1.6 billion).
CapitaLand Commercial Trust (C61U.SG) will buy Asia Square Tower
2 from BlackRock Asia Property Fund III L.P., the Singapore listed
firm said in a filing to the central bank.
The sale would be one of Singapore's biggest real-estate deals
so far this year and would be BlackRock's fourth property sale in
the city-state since 2015. Last year, it sold its Asia Square Tower
1 in the Marina Bay district to Qatar sovereign wealth fund Qatar
Investment Authority for S$3.4 billion.
CapitaLand Commercial Trust said it will fund the acquisition
with a rights issue and bank loans.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
September 21, 2017 00:41 ET (04:41 GMT)
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