Tycoon Lim Chap Huat, Blackstone Sell Singapore Properties To Warburg-Backed JV For $1.2 Billion [Forbes]
LENDLEASE CORP LTD S/ADR (LLESY)
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Source: Forbes
Tycoon —the controlling shareholder of Singapore-based real estate developer and construction company —and Blackstone agreed to sell their office and industrial properties in the Lion City to New York-based private equity firm Warburg Pincus and Australian developer Lendlease for S$1.6 billion ($1.2 billion). The transaction—which is set to be the largest private industrial real estate deal in Singapore this year—comprises the acquisition of 4.5 million square feet of business park space and industrial facilities across the city-state. The properties are leased to companies in life sciences, technology, advanced manufacturing, and logistics. Upon completion of the deal, the yet to be named joint venture between Warburg Pincus and Lendlease will have assets under management that will exceed S$2 billion, Warburg said in a . The newly launched JV platform focuses on life sciences and R&D real estate in the Asia Pacific region, it said. “The portfolio gives us immediate scale in th
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