Blackstone has agreed to buy a S$176m (€110m) business park in Singapore on behalf of its funds from Lucas Real Estate.
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.
A source told IPE Real Assets: “Blackstone 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’s leading business park One-North.”
This is Blackstone’s first acquisition of a single office tower in Singapore. Until now, the firm was active player in Singapore’s corporate market.
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