BlackRock to Sell Singapore Office Tower for US$1.6 Billion

By P.R. Venkat Features Dow Jones Newswires

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).

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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

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September 21, 2017 00:41 ET (04:41 GMT)