BlackRock agrees to sell Singapore office tower to Qatar fund for $2.5 billion

Thomson ReutersFile photo of a BlackRock building in New York

SINGAPORE (Reuters) – BlackRock Inc has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion ($2.45 billion), in what the U.S. firm said was the largest-ever single-tower real estate deal in the Asia-Pacific region.

Asia Square Tower 1, located in the city-state’s financial district, has over 1.25 million square feet of net lettable area and has Citigroup Inc as its anchor tenant, BlackRock and Qatar Investment Authority said in a joint statement.

BlackRock also owns a second tower in the Asia Square development.

(Reporting by Aradhana Aravindan; Editing by Kenneth Maxwell)

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