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Thu 2 Jun 2016 02:00 PM

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Qatar's SWF said to be close to $3.5bn Singapore tower deal

Qatar Investment Authority is reportedly set to buy 43-storey Asia Square Tower 1 from BlackRock

Qatar's SWF said to be close to $3.5bn Singapore tower deal

Qatar Investment Authority (QIA) is reportedly close to completing a $3.5 billion deal to buy a 43-storey tower in Singapore.

According to Asia One Business website, QIA is set to acquire Asia Square Tower 1 from BlackRock and will set a new record for an investment sale of a piece of Singapore real estate.

Asia Square Tower 1 has 1.287 million sq ft of space, including about retail, and its office tenants include Citi, Julius Baer, Marsh and Google.

The report said QIA's purchase of Asia Square Tower 1 will be the biggest property acquisition in Singapore by the sovereign wealth fund, which also owns the landmark Raffles Hotel in Singapore through its unit Katara Hospitality.

Singapore's CapitaLand said last year that its serviced residence business unit, The Ascott Ltd, had entered into a joint venture with Qatar Investment Authority to set up a $600 million serviced residence fund with an initial focus on Asia Pacific and Europe.

The Qatari fund, with more than $250 billion of assets, said last year it plans to invest $35 billion in the US over the next five years after opening an office in New York.

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