Warburg Pincus, Lendlease Acquire $1.23 Billion in Singapore Industrial Assets

U.S. private-equity firm Warburg Pincus and Australian real-estate company Lendlease Group have acquired a US$1.23 billion portfolio of Singapore assets in what they said was one of the largest deals involving a private portfolio of industrial assets in the city-state.

The acquiring companies said Tuesday that the assets were bought from entities associated with New York private-equity firm Blackstone and Lim Chap Huat, executive chairman of Singapore-based integrated property group Soilbuild Group Holdings. They include business parks and specialist facilities tenanted to blue-chip companies across the life sciences, technology, advanced manufacturing and logistics sectors, the companies said.

“This represents one of the largest transactions of a private portfolio of industrial assets in Singapore,” Warburg Pincus and Lendlease said.

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 Separately, Blackstone and Soilbuild Group said that Blackstone Real Estate funds and Soilbuild Group sold 1.6 billion Singapore dollars of assets, equivalent to US$1.23 billion, in the Soilbuild Business Space REIT to a Warburg Pincus-Lendlease joint venture.

Warburg Pincus and Lendlease launched their JV platform at the end of July to focus on life sciences and research and development real estate in Asia-Pacific.

Source: Morningstar

 

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