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JLL Reveals Top 10 Biggest Commercial  Real Estate Deals in Asia Pacific

Asia Square Tower 1 sale is biggest single en-bloc transaction in the region


Singapore, 11 July 2016 – Qatar Investment Authority's acquisition of Asia Square Tower 1 in Singapore for US$2.45 billion this month sets a new benchmark in Asia Pacific, rewriting commercial real estate transaction rankings in the region.

According to figures released by real estate consultancy JLL, which was the lead advisor on the deal, the sale of the 43-storey office tower eclipses the previous top single asset transaction in Asia Pacific – Festival Walk retail and leisure complex in Hong Kong, which was sold to Singapore's Mapletree Investments for US$2.41 billion in 2011.

The sale of the Singapore property is also the largest ever single office deal in the region

Stuart Crow, Head of Asia Pacific Capital Markets, JLL, says: "This is a highly significant deal on a number of levels. The sale of Asia Square Tower 1 is the largest ever single-tower office transaction in Asia Pacific by a margin of US$700 million, outstripping the sale of Tokyo's Otemachi Tower in 2014. But looking beyond the office sector, this is the biggest en-bloc transaction we've seen in the region since JLL started collecting data in 2004."

Asia Square Tower 1 comprises more than 1.2 million square feet of Grade A office space and nearly 40,000 square feet of retail space in Singapore's Marina Bay business and financial district. On 6 June, global investment management firm BlackRock announced that it had agreed to sell the property to Qatar's Sovereign Wealth Fund, QIA.

"This deal sends a strong signal to the market that Singapore is a choice destination for cross-border investors. There was considerable interest in Asia Square Tower 1 from a range of institutional investors in Asia and beyond, and across a variety of fund types," says Crow. "That's not surprising given Singapore's strong economic fundamentals and the world-class nature of the property. But going forward, we anticipate some major real estate assets changing hands this year in Singapore and across the region."

JLL has been the sole leasing agent and property manager of Asia Square since it opened in June 2011.

 

Top 10 Single Office Asset Real Estate Deals Asia Pacific*

RankDateProperty nameCountryPrice US$ billions
12016Asia Square Tower 1Singapore2.45
22014Otemachi TowerJapan1.74
32014Pacific Century Place MarunouchiJapan1.70
42015GuoSheng CentreChina1.67
52015Mass Mutual TowerHong Kong1.62
62008Resona Maruha BuildingJapan1.55
72015CITIC Shipyard Phase 2 Tower 2China1.41
82014Mizuho Bank HQ BuildingJapan1.39
92004Shinagawa Mitsubishi BuildingJapan1.37
102005UFJ Tokyo BuildingJapan1.36

 

*JLL Global Capital Flows Data 2004 to year-to-date 2016

 

Top 10 Single Asset Real Estate Deals Asia Pacific*

RankDateProperty nameCountryMain typePrice US$ billions
12016Asia SquareSingaporeOffice2.45
22011Festival Walk Hong KongRetail2.42
32007Toranomon Pastoral HotelJapanHotel1.97
42007Otemachi TowerJapanOffice1.74
52014Pacific Century Place MarunouchiJapanOffice1.70
62015GuoSheng CenterChinaOffice1.67
72015Mass Mutual TowerHong KongOffice1.62
82008Resona Maruha BuildingJapanOffice1.55
92015CITIC Shipyard Phase 2 Tower 2ChinaOffice1.41
102010Seibu Ikebukuro Flagship StoreJapanRetail1.40

 

*JLL Global Capital Flows Data 2004 to year-to-date 2016, covering office, retail, hotels and industrial sectors

 

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About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

JLL has over 50 years of experience in Asia Pacific, with over 33,000 employees operating in 92 offices in 16 countries across the region. The firm won 15 awards at the International Property Awards Asia Pacific in 2016 and was named number one real estate advisor in Asia at the 2015 Euromoney Real Estate Awards. www.ap.jll.com.