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BlackRock says still in talks for Singapore tower sale after suitor exits

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A man walks next to a BlackRock sign pictured in the Manhattan borough of New York, October 11, 2015. REUTERS/Eduardo Munoz - RTS415V

SINGAPORE (Nov 4): BlackRock Inc said it was still in negotiations with potential buyers for its office tower in Singapore, after local developer CapitaLand ended talks with parties on a prospective deal reported to be worth as much as US$2.9 billion (RM12.37 billion).

“While we are not in a position to comment on the details, we are pleased to have received significant global interest in this high-quality asset and are currently working to achieve the best outcome for our investors,” John Saunders, head of Asia Pacific for BlackRock Real Estate, said in an emailed response.

Last month, CapitaLand said it and unnamed parties were in discussions to buy Asia Square Tower 1, a 43-storey office tower in the city-state’s central business district, from BlackRock, the world’s largest asset manager.

CapitaLand announced the ceasing of the talks on Wednesday, but did not give a reason for the move.

Media reports have said the Asia Square tower deal could be worth as much as S$4 billion (RM12.25 billion).

Average monthly gross office rents in Singapore’s central business district fell 4.1% in the third quarter from the previous three months, according to consultancy DTZ.

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