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.