Singapore: CapitaLand, BlackRock in talks for Asia Square Tower 2

Singapore’s largest developer CapitaLand is in exclusive talks to acquire the Asia Square Tower 2 in Singapore’s Marina Bay from top global asset manager BlackRock Real Estate Fund III, the Mingtiandi reported.

Pegged at $2.34 billion, the 46-storey tower stands on 1,220,000 square foot (113,350 square metre). It is on the block for $1,922 per square foot, which includes both 72,845 square metres (784,097 square feet) of prime office space and the five-star Westin hotel, Mingtiandi noted, citing details from PERE.

The price per square foot, if finalised, would be 1.5 per cent higher than what Asia Square 1 sold for in June 2016 to the Qatar Investment Authority. The first tower has 43 floors and 2 million square feet of office space.

CapitaLand in 2015 attempted to buy Asia Square Tower 1 in partnership with Norway’s sovereign wealth fund but negotiations fell through in the same year.

The Asia Square Tower 1 was later on sold for $2.45 billion in June 2016 to the Qatar Investment Authority, a deal tagged as the largest single-tower real estate transaction in Asia Pacific last year.

The Asia Square complex was acquired by BlackRock in 2013 when it bought Singapore-based private equity real estate firm MGPA.

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