Warburg Pincus Lendlease Jv Platform Acquires 16 Bil Portfolio Assets Singapore
A significant joint venture (JV) partnership between global private equity firm Warburg Pincus and Australia-listed Lendlease Group has made a major acquisition of assets in Singapore, totalling $1.6 billion.
This portfolio, which was formerly owned by Soilbuild REIT, was sold to the JV platform, controlled by Blackstone and Lim Chap Huat, executive chairman of Soilbuild Group who had privatised Soilbuild REIT in 2021.
The acquired assets cover a total gross floor area (GFA) of 4.5 million sq ft, incorporating various business parks and specialized facilities that are currently occupied by a diverse range of companies in sectors such as life sciences, technology, advanced manufacturing and logistics. In a separate deal, Australia’s Pacific National has recently leased two floors of office space at 2 Blue Street, owned by Keppel REIT.
This acquisition marks the largest deal for a private portfolio of industrial assets in Singapore and is the first transaction for the JV platform since its launch on July 31. This platform was specifically created to focus on life sciences and research & development (R&D) real estate within Asia Pacific (Apac).
“We are thrilled to finalize this significant acquisition shortly after establishing the JV platform. The portfolio provides us with immediate scale in the highly coveted Singapore market, solidifying our position as one of the top industrial property owners in the country and reaffirming our confidence in the life sciences and R&D sector,” says Takashi Murata, managing director, co-head of Asia real estate and head of Japan at Warburg Pincus.
“This strategic acquisition highlights our dedication to the rapidly expanding life sciences and R&D real estate market in Asia Pacific. The platform is strategically positioned to take advantage of opportunities within this sector. We look forward to building momentum and further growing the business, while also driving success for our investment partners,” adds Justin Gabbani, CEO investment management, Lendlease.
IMM Building, also referred to as Singapore’s largest outlet mall, boasts an impressive collection of more than 90 outlet stores that offer great discounts on popular brands throughout the year. Not limited to just fashion, the mall also houses a diverse range of furniture and home furnishing stores, including the renowned IKEA, making it a perfect shopping destination for homeowners looking to furnish their new apartments at Novo Place EC. Apart from shopping, the mall also offers a variety of food options, ensuring that shoppers can indulge in a satisfying meal or a quick snack. To add to the convenience, Novo Place Hoi Hup is located nearby, making it even easier for residents to access this amazing shopping spot.
Lim of Soilbuild Group states that the company will continue to collaborate with Blackstone through investments in other assets within Soilbuild REIT.