Qatar sovereign wealth fund to buy Asia Square Tower 1 for record S$3.4b
The sale of the 43-storey office building to Qatar Investment Authority is the largest-ever single-tower real estate deal in the Asia-Pacific region.
Posted 06 Jun 2016 10:28 Updated 06 Jun 2016 12:05
SINGAPORE: BlackRock has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion, in what the US firm said was the largest-ever single-tower real estate deal in the Asia-Pacific region.
Asia Square Tower 1, located along Marina View at Marina Bay, has more than 1.25 million square feet of net lettable area and has Citigroup as its anchor tenant, BlackRock and Qatar Investment Authority said in a joint statement.
BlackRock was advised by real estate consultant firms JLL and CBRE.
"Following this flagship transaction, we expect there will be increasing investor interest in Singapore prime office stock in the coming months," Greg Hyland, head of capital markets Singapore at JLL, said in a separate statement.
The sale comes as vacancy rates in Singapore's office property sector are nearing their highest level in almost a decade, with the supply of commercial space set to increase amid slowing economic growth.
Developers are set to add 4 million square feet of office space in Singapore this year and another 1.4 million next year, said Nicholas Mak, executive director at SLP International Property Consultants.
BlackRock also owns a second tower in the Asia Square development.
(Reporting by Aradhana Aravindan; Editing by Kenneth Maxwell and Edwina Gibbs)
- Reuters/cy
- wong chee tat :)
Showing posts with label Citigroup. Show all posts
Showing posts with label Citigroup. Show all posts
Monday, June 6, 2016
Wednesday, October 14, 2015
CapitaLand confirms talks to buy Asia Square Tower 1
CapitaLand confirms talks to buy Asia Square Tower 1
The deal involving the consortium of property developer CapitaLand and the Norwegian sovereign wealth fund could value Asia Square Tower 1 at more than S$3.5 billion, reports Bloomberg News.
POSTED: 14 Oct 2015 17:00
SINGAPORE: Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building.
Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's central business district. Bloomberg said the deal could value Asia Square Tower 1 at more than S$3.5 billion.
CapitaLand said that as discussions are still ongoing, there is no certainty that a transaction will materialise.
Should the deal proceed, CapitaLand said it anticipates drawing upon internal sources of funds and available credit lines. As of Jun 30, 2015, CapitaLand had about S$3.5 billion in cash and cash equivalents and approximately S$3.1 billion in available undrawn credit facilities.
Asia Square Tower 1, which is owned by asset manager BlackRock, counts Citigroup and Swiss private bank Julius Baer among its main tenants.
- CNA/xq
- wong chee tat :)
The deal involving the consortium of property developer CapitaLand and the Norwegian sovereign wealth fund could value Asia Square Tower 1 at more than S$3.5 billion, reports Bloomberg News.
POSTED: 14 Oct 2015 17:00
SINGAPORE: Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building.
Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's central business district. Bloomberg said the deal could value Asia Square Tower 1 at more than S$3.5 billion.
CapitaLand said that as discussions are still ongoing, there is no certainty that a transaction will materialise.
Should the deal proceed, CapitaLand said it anticipates drawing upon internal sources of funds and available credit lines. As of Jun 30, 2015, CapitaLand had about S$3.5 billion in cash and cash equivalents and approximately S$3.1 billion in available undrawn credit facilities.
Asia Square Tower 1, which is owned by asset manager BlackRock, counts Citigroup and Swiss private bank Julius Baer among its main tenants.
- CNA/xq
- wong chee tat :)
Monday, July 1, 2013
EU investigators accuse 13 banks in derivatives probe
EU investigators accuse 13 banks in derivatives probe
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
Wednesday, October 24, 2012
Ample room for private banking to grow in Asia
Ample room for private banking to grow in Asia
By Lynda Hong | Posted: 24 October 2012 2215 hrs
SINGAPORE: Citigroup has overtaken Swiss bank UBS to become the top private bank in Asia-Pacific last year.
And despite assets under management (AUM) in the region dipping slightly by 0.5 per cent to US$1.1 trillion in 2011, private bankers said there is still room to grow in Asia.
Less than 20 per cent of wealth owned by Asian of high net worth individuals are professionally managed by private bankers.
This means there is ample room for the industry to grow in Asia.
But experts said the lack of talent may stifle growth for some private banks.
Rajesh Malkani, who is the head of private bank (East Region) at Standard Chartered Private Bank, said: "We are finding more and more that we have to re-train people, whether we bring them from the external world or from the internal world, to really make them capable of dealing with all the changes that is happening in the industry. So it is not an easy industry, there is a lot of new regulation, there a lot of cost growth in our businesses."
The Private Banker International Asia-Pacific AuM Benchmark 2012, which ranks private banks according to the assets of high net worth individuals' funds they manage, placed Citigroup as the top private bank in Asia Pacific.
The US banking group has some US$193 billion under management in 2011.
It overtook UBS, which is now in second place. HSBC came in third in the survey.
JP Morgan Private Wealth Management Asia's chief executive officer, Peter Flavel, said: "Wealth in Asia is growing at low teens and we are expected to grow around that rate or even better over the next three to five years. And I see Asia as the most exciting place for wealth management globally."
The survey added that the drop in Asia Pacific's AUM last year was due to falling asset values caused by the global economic slowdown.
Most of the private wealth management in Asia Pacific were managed by banks that are not headquartered in Asia.
But the study added that universal banks with strong retail offerings have a stronger advantage to target high net worth individuals with assets valued between US$1 million and US$5 million. This is a core segment for Asian private banks.
Currently, foreign banks are taking a bigger slice of the private banking pie, but the four Asian banks in the survey are catching up fast with their combined AUM rising by seven per cent.
Eleven out of 16 of these foreign banks saw their AUM staying static or dipped in 2011.
Tan Su Shan, who is managing director and group head of wealth management at DBS Bank, said: "As interest rates in some local jurisdictions get higher - because of Basel Three or because banks are just shrinking their balance sheets - some of our clients do need liquidity to pump it back into the business to buy ships, to buy palm oil. So the competition for funding is really the business growth."
DBS is the highest ranked Asian headquartered private bank, managing US$39 billion last year.
This is followed by Standard Chartered Private Bank, Bank of Singapore and Hang Seng Bank.
- CNA/fa
- wong chee tat :)
By Lynda Hong | Posted: 24 October 2012 2215 hrs
SINGAPORE: Citigroup has overtaken Swiss bank UBS to become the top private bank in Asia-Pacific last year.
And despite assets under management (AUM) in the region dipping slightly by 0.5 per cent to US$1.1 trillion in 2011, private bankers said there is still room to grow in Asia.
Less than 20 per cent of wealth owned by Asian of high net worth individuals are professionally managed by private bankers.
This means there is ample room for the industry to grow in Asia.
But experts said the lack of talent may stifle growth for some private banks.
Rajesh Malkani, who is the head of private bank (East Region) at Standard Chartered Private Bank, said: "We are finding more and more that we have to re-train people, whether we bring them from the external world or from the internal world, to really make them capable of dealing with all the changes that is happening in the industry. So it is not an easy industry, there is a lot of new regulation, there a lot of cost growth in our businesses."
The Private Banker International Asia-Pacific AuM Benchmark 2012, which ranks private banks according to the assets of high net worth individuals' funds they manage, placed Citigroup as the top private bank in Asia Pacific.
The US banking group has some US$193 billion under management in 2011.
It overtook UBS, which is now in second place. HSBC came in third in the survey.
JP Morgan Private Wealth Management Asia's chief executive officer, Peter Flavel, said: "Wealth in Asia is growing at low teens and we are expected to grow around that rate or even better over the next three to five years. And I see Asia as the most exciting place for wealth management globally."
The survey added that the drop in Asia Pacific's AUM last year was due to falling asset values caused by the global economic slowdown.
Most of the private wealth management in Asia Pacific were managed by banks that are not headquartered in Asia.
But the study added that universal banks with strong retail offerings have a stronger advantage to target high net worth individuals with assets valued between US$1 million and US$5 million. This is a core segment for Asian private banks.
Currently, foreign banks are taking a bigger slice of the private banking pie, but the four Asian banks in the survey are catching up fast with their combined AUM rising by seven per cent.
Eleven out of 16 of these foreign banks saw their AUM staying static or dipped in 2011.
Tan Su Shan, who is managing director and group head of wealth management at DBS Bank, said: "As interest rates in some local jurisdictions get higher - because of Basel Three or because banks are just shrinking their balance sheets - some of our clients do need liquidity to pump it back into the business to buy ships, to buy palm oil. So the competition for funding is really the business growth."
DBS is the highest ranked Asian headquartered private bank, managing US$39 billion last year.
This is followed by Standard Chartered Private Bank, Bank of Singapore and Hang Seng Bank.
- CNA/fa
- wong chee tat :)
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