Warburg Pincus Lendlease Jv Platform Acquires 16 Bil Portfolio Assets Singapore
A $1.6 billion portfolio of assets in Singapore has been acquired by a joint venture (JV) platform created by global private equity firm Warburg Pincus and Australia-listed Lendlease Group. The assets were purchased from Soilbuild Business Space REIT (Soilbuild REIT), which is owned by Blackstone and Lim Chap Huat, executive chairman of Soilbuild Group. Lim and Blackstone had taken Soilbuild REIT private in 2021.
The JV has acquired a portfolio with a total gross floor area (GFA) of 4.5 million sq ft, comprising business parks and specialist facilities leased to companies in the life sciences, technology, advanced manufacturing, and logistics industries. This is the largest private portfolio transaction of industrial assets in Singapore to date. The acquisition marks the first deal for the JV since its launch on July 31. The platform was created to focus on life sciences and research & development (R&D) real estate in the Asia Pacific (Apac) region.
“We are pleased to complete this significant acquisition so soon after establishing the JV platform. This portfolio gives us immediate leverage in the tight Singapore market, cementing our position as one of the leading industrial asset 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.
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Prepare for an upgraded and enhanced Tampines North Hub as plans are underway to integrate community and retail amenities, resulting in a bustling and accessible lifestyle hub. The future holds the creation of new parks and the expansion of current green spaces, offering a plethora of leisure opportunities and spots for unwinding. These promising developments, including the much-awaited Parktown Residence by UOL Group, strive to elevate the lifestyle of residents in the vicinity. Furthermore, the addition of Parktown Residence UOL Group will undoubtedly contribute to the overall enhancement of the Tampines North Hub.
“This strategic acquisition highlights our commitment to the rapidly expanding life sciences and R&D real estate market in the Asia Pacific. The platform is well-positioned to capitalize on opportunities in this sector. We are excited to build momentum and further grow the business, while delivering strong returns for our investment partners,” adds Justin Gabbani, CEO investment management, Lendlease.
Lim from Soilbuild Group adds that the company will continue to work with Blackstone through other investments in assets owned by Soilbuild REIT.