BlackRock is putting its real estate unit to work, selling another Singapore office.
The $4.8 trillion asset manager is looking to sell its Singapore business district office for around $3 billion, the Wall Street Journal reports. BlackRock’s building, Asia Square Tower 1, includes Citigroup, Google, and private equity group KKR as tenants.
BlackRock acquired the building two years ago when it took over investment firm MGPA. BlackRock bulked up its global real estate assets, and gained $12 billion in assets under management from the deal.
Earlier this year, BlackRock Real Estate sold AXA Tower, another Singapore office building, for $1.7 billion. Rent in Singapore office space was up 1.8% quarter-on-quarter in the first three months of 2015, signaling a decline in rental growth.
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