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BlackRock sells Singapore office

by Andrea Waitrovich

BlackRock has sold a Singapore office tower for $882.74 million. The new owners of the AXA Tower in downtown Singapore are Perennial Real Estate, HPRY Holdings and Low Keng Huat Ltd.

Perennial and hold a 31.2 percent stake, HPRY will hold 10. 1 percent, and Low Keng Huat will hold 20 percent. Real Capital Analytics did not disclose who would own the remaining stakes.

The new owners may have plans to construct new medical suites at the property.

BlackRock owned AXA Tower through its MGPA Fund II, an opportunistic fund that closed in 2005 with €278.9 million ($318.58 million). The vehicle purchased the 52-story tower in 2007 for $680.9 million.

AXA Tower, also known as 8 Shenton Way, is currently the tallest cylindrical building in the world and is the sixth tallest skyscraper in the city of Singapore. Major tenants include HCL Technologies, FTI Consulting, Tan Kok Quan Partnership, The Lawn Café and K line. 

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