Warburg Pincus and Australian real estate group Lendlease said on Tuesday their joint venture has acquired property assets in Singapore for S$1.6 billion ($1.2 billion).
The portfolio is comprised of business parks and specialist facilities that count blue chip companies in the life sciences sector as tenants and is one of the largest deals involving a private portfolio of industrial assets in the city-state, the statement said.
The statement said the assets were bought from entities “associated with” Blackstone and Lim Chap Huat, executive chairman of Soilbuild Group but did not provide further explanation.
The U.S.-based global investment firm and Lendlease launched their joint venture platform at the end of July to focus on life sciences and R&D real estate in the Asia Pacific region.
($1 = 1.3036 Singapore dollars)
Reuters
