Blackstone Bets on Asia Apartments as Millennials Stuck Renting yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Group taking advantage of tech firms expanding there SINGAPORE: Blackstone Group Inc is seeking to invest in more properties in Singapore to capitalise on rising demand for office space among technology firms expanding in the city-state.
The plans come after the United States private equity firm announced that it’s purchasing an eight-story building from Lucas Real Estate called the Sandcrawler for S$176mil (US$132mil or RM543mil), confirming an earlier Bloomberg report.
Blackstone is seeking to make long-term investments in high-quality assets that provide strong returns, Alan Miyasaki, head of Asia real estate acquisitions, said in an interview. That would require having a strong roster of tenants, such as those in the Sandcrawler, which houses the Walt Disney Co and the Government Technology Agency.
The Straits Times
The Sandcrawler deal marks Blackstone s first Singapore property acquisition under its core plus strategy.PHOTO: ST FILE
PublishedApr 21, 2021, 8:48 am SGT
https://www.straitstimes.com/business/property/blackstone-eyes-more-singapore-property-after-buying-sandcrawler-for-176-million
Gift this story
They can read the article in full after signing up for a free account.
Share link:
Or share via:
Sign up or log in to read this article in full
Sign up
All done! This article is now fully available for you
Read now
Get unlimited access to all stories at $0.99/month for the first 3 months.
Get unlimited access to all stories at $0.99/month for the first 3 months.
The acquisition of The Sandcrawler building marks Blackstone’s entry to Singapore under its core-plus strategy.
Alan Miyasaki, Blackstone’s head of real estate Asia acquisitions, said the investment had expanded the Southeast Asia footprint of Blackstone Real Estate’s core-plus strategy. It currently has US$3.6bn (€3bn) in assets under management in Asia.
“In Singapore, we see ongoing demand for business parks that offer a unique campus-style experience, supported by the government’s efforts to attract global companies to set up regional headquarters here,” said Miyasaki.
The Sandcrawler, inspired by the Sandcrawler fortresses in the Star Wars series, sits within Singapore’s largest business park One-North. Tenants in the building, completed in 2013, include global corporations in the technology and media sectors such as Lucasfilm and Disney, and Singapore’ Government Technology Agency.