Hines has entered Singapore鈥檚 logistics market through a joint venture with DWS to purchase a nine-story logistics facility in the west of the city-state.
The partners have acquired Bukit Batok Connection, a 378,000sqft industrial asset, from the portfolio of Soilbuild Business Space REIT, an industrial trust which Blackstone and Soilbuild privatised last year.
The asset was valued at S$83.90m (鈧�55m) at 31 December 31 2020.
鈥淲e are thrilled to establish the Hines brand in Singapore, and, finally, a firm APAC presence with at least one project under way in all gateway markets within the region,鈥� said Lim Kian Fong, managing director and country head for Singapore at Hines.
Lim said industrial was a growing asset sector for APAC and Hines looked forward to broadening its portfolio in Singapore beyond logistics to include multifamily, office and retail.
Hines had invested nearly US$4.1bn (鈧�3.6bn) in the industrial and logistics sector and completed over 60 acquisitions totalling more than 43m sqft.
In addition, the US investor had an additional 36 development projects ranging from in-design to completed, currently held in its portfolio, representing an additional 25m sqft, he said.鈥�
The transaction is the third acquisition of a logistics asset in Singapore for DWS, which is buying the property on behalf of its institutional, Asia-focussed core real estate strategy.
Christopher Kimm, DWS head of real estate, Asia-Pacific, said the relative resilience of Asia-Pacific logistics along with the property鈥檚 strong Bukit Batok submarket location made it an attractive acquisition.
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