BlackRock close to selling Woodlands industrial building


The Business Times

Big-ticket sales of industrial properties continue to be buoyant. BT understands that BlackRock is in advanced stages of stitching a deal to sell a high-specification light industrial building along Admiralty Street for S$142 million. The buyer is tipped as US-based real estate investment manager AEW. The pricing for Admirax, a seven-storey property in the Woodlands area, reflects about 6 per cent net yield. It is on a site with 60-year leasehold tenure that began in October 2000, which leaves a balance tenure of almost 40 years.

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