Qatar Investment Authority (QIA) has been reported to be close to completing a deal to buy Asia Square Tower 1 of 43 storeys from BlackRock, in Singapore, Asia One reported.

The price is expected to be about S$2,700 ($ 1984) per square foot of net leasable area (NLA), a total of S$3.5 billion ($ 2.57 billion). The price has a net yield of around 3.2%, based on the tower’s current occupancy, which is 83%. The tower has 1.287 million square feet of NLA, including around 39,220 square feet of retail space, on the 1st two levels of the tower.

QIA is expected to get the right of first refusal to buy the rest of BlackRock’s space in the Asia Square development, including about 793,100 square feet of NLA 30,900 square feet of which are for retail space, in Tower 2.

The Asia Square Tower 1 purchase will be the biggest property in Singapore by the Sovereign Wealth Fund (SWF), which owns Raffles Hotel in Singapore through its Katara Hospitality, according to Arabian Business.