Blackstone has agreed to buy a S$176m (鈧�110m) business park in Singapore on behalf of its funds from Lucas Real Estate.
The acquisition of The Sandcrawler building marks Blackstone鈥檚 entry to Singapore under its core-plus strategy.
Alan Miyasaki, Blackstone鈥檚 head of real estate Asia acquisitions, said the investment had expanded the Southeast Asia footprint of Blackstone Real Estate鈥檚 core-plus strategy. It currently has US$3.6bn (鈧�3bn) in assets under management in Asia.
鈥淚n Singapore, we see ongoing demand for business parks that offer a unique campus-style experience, supported by the government鈥檚 efforts to attract global companies to set up regional headquarters here,鈥� said Miyasaki.
The Sandcrawler, inspired by the Sandcrawler fortresses in the Star Wars series, sits within Singapore鈥檚 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鈥� Government Technology Agency.
A source told 麻豆映画 Real Assets: 鈥淏lackstone found the Sandcrawler a compelling opportunity because of its high-quality facilities and iconic design, strong tenant roster concentrated in technology and media sectors, and prime location within Singapore鈥檚 leading business park One-North.鈥�
This is Blackstone鈥檚 first acquisition of a single office tower in Singapore. Until now, the firm was active player in Singapore鈥檚 corporate market.
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