In February 2011 Crédit Agricole CIB participated as lead arranger for a commitment of SGD 75 million in a SGD 830 million development financing for MGPA, on behalf of MGPA Asia Fund III, L.P.

This transaction will allow the construction of a brand new Grade A office tower, known as “Asia Square Tower 2” in the new downtown precincts of Marina Bay in Singapore. The 46-storey building will comprise 780,000 square feet of Grade A office and retail space. It will also house a 305 room 5-star Westin Hotel managed by Starwood.

“This has been our first development financing for an office tower in Singapore for long, and we are proud it is for a highly environmentally sustainable construction, and for MGPA, a renowned and important client of the Bank” explains Dominique Fournier, Head of Real Estate Structured Finance in Asia. 

The tower is one of the first buildings in Singapore to be awarded Leadership in Energy and Environmental Design Core & Shell (LEED-CS) Platinum pre-certification by the US Green Building Council (USGBC).

Asia Square Tower 2 is due to be completed in 2013.

MGPA is a private equity real estate investment advisory company working throughout Asia and Europe to identify and secure investment opportunities. MGPA manages approximately USD 10 billion in real estate assets throughout those two regions.