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China

Qatari Sovereign Wealth Fund Agrees to Buy Asia Square Tower 1

Sale of prime Singapore office building by BlackRock-advised fund marks largest ever single-tower transaction in Asia Pacific


​SINGAPORE, 6 June 2016 –  Sovereign wealth fund, Qatar Investment Authority (QIA) has agreed to buy Asia Square Tower 1, a world-class commercial development located in Singapore’s Marina Bay business and financial district. Real estate consultancy JLL advised on the transaction.

Asia Square - Day (from MBFC).jpg

​The 43-storey property, which is being sold by global investment management firm BlackRock, comprises ​​​more than 1.2 million square feet of Grade A office space and nearly 40,000 square feet of retail space.

According to data compiled by JLL, the sale represents the largest single-tower real estate transaction in Asia Pacific to date, and the second-largest single-tower real estate transaction globally.1

“Asia Square is one of the most prestigious commercial developments in the region and represents a rare opportunity to acquire a premium, highly sought-after property in one of Asia’s most important business and financial centres,” says Stuart Crow, Head of Asia Pacific Capital Markets, JLL. “We are delighted to have worked with BlackRock and QIA on this landmark deal which, when complete, will be one of the biggest ever real estate transactions globally.” 

Current tenants of Asia Square Tower 1 include financial services companies Citibank and Julius Baer as well as insurance firm Marsh & McLennan.

“Singapore continues to be an attractive destination for international investors, thanks to its stable political outlook, superior infrastructure and strong economic fundamentals. Following this flagship transaction, we expect there will be increasing investor interest in Singapore prime office stock in the coming months,” says Greg Hyland, Head of Capital Markets, Singapore, JLL. “Looking beyond Singapore, we are seeing a growing demand from global investors looking for major single asset opportunities in the region such as Asia Square.”

JLL has been the sole leasing agent and property manager of Asia Square since it opened in June 2011.

​​​In 2015, JLL was named number one​ real estate investment advisory firm in Asia Pacific for the fifth year in a row by Real Capital Analytics (RCA), an independent body that monitors real estate transaction volumes worldwide. 

1Based on JLL data since 2004

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​About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, www.jll.com

JLL has over 50 years of experience in Asia Pacific, with over 33,000 employees operating in 92 offices in 16 countries across the region. The firm won 15 awards at the International Property Awards Asia Pacific in 2016 and was named number one real estate advisor in Asia at the 2015 Euromoney Real Estate Awards. www.jll.com/asiapacific  

​In Greater China, the firm was named ‘Best Property Consultancy in China’ at the International Property Awards Asia Pacific 2016, and has more than 2,200 professionals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country.  www.joneslanglasalle.com.cn​​​​​​