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.
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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