GIC-backed Workplace Property Trust buys $1.1bn in suburban office space

Workplace Property Trust is teaming up with Singapore’s GIC Pte Ltd. to acquire 53 U.S. suburban office properties valued at $1.1bn, The Wall Street Journal reported on Monday.

The deal comes less than a week after Oak Hill Advisors announced a $326.5m investment in the company, which was founded in 2015 by Thomas A. Rizk and Roger W.

Thomas and currently owns and operates 10 million square feet of suburban office and light industrial properties in locations including Tampa, Fla., Phoenix, Minneapolis and suburban Philadelphia.

Other investors in Boca Raton, Fla.-based Workplace Property Trust include Safanad Inc., Forum Partners, JMP Group, Everwatch Capital, Mason Capital and funds managed by Rialto Capital Management LLC.

Blackstone is the world’s largest alternative asset manager. They use flexible capital to help companies solve problems and yield returns for investors.

The firm has $941bn in assets under management including investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.

Source: Morningstar