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BlackRock to Sell Singapore Office Tower for US$1.6 Billion

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09/21/2017 | 06:42am CEST
   By P.R. Venkat 
 

American asset manager BlackRock Inc. (>> BlackRock) 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).

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

Stocks mentioned in the article : BlackRock
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK -0.10% 474.15 Delayed Quote.-7.61%
CAPITALAND COMMERCIAL TRUST 0.57% 1.75 End-of-day quote.-9.79%
CAPITALAND LIMITED -0.90% 3.29 End-of-day quote.-7.06%
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Financials ($)
Sales 2018 14 689 M
EBIT 2018 5 850 M
Net income 2018 4 461 M
Finance 2018 5 925 M
Yield 2018 2,52%
P/E ratio 2018 17,21
P/E ratio 2019 15,77
EV / Sales 2018 4,71x
EV / Sales 2019 4,28x
Capitalization 75 135 M
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Average target price 585 $
Spread / Average Target 23%
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Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
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