Purchasing a $1.6 billion portfolio of assets, a joint venture (JV) platform established by Australia-listed Lendlease Group and global private equity company Warburg Pincus has made a major acquisition in Singapore. Under Blackstone and Lim Chap Huat, the executive chairman of Soilbuild Group, these assets were acquired from Soilbuild Business Space REIT (Soilbuild REIT). Lim and Blackstone notably had Soilbuild REIT private in 2021. With a 4.5 million square foot gross floor area (GFA), the acquired portfolio is large. It consists of leased business parks and specialised facilities spanning life sciences, technology, advanced manufacturing, and logistics to businesses in many different fields.
Among the biggest involving a private portfolio of industrial properties in Singapore, this deal is notable. Since its opening on July 31, it also represents the first transaction on the JV platform. Originally designed with an eye on life sciences and research & development (R&D) real estate in the Asia Pacific (APAC) area, the platform Managing director Takashi Murata of Asia real estate and head of Japan at Warburg Pincus expressed excitement about the purchase, stressing its importance in establishing their presence in the competitive Singapore market and so supporting their dedication to the life sciences and R&D industry.
Emphasising their commitment to the fast expanding life sciences and R&D real estate industry in Asia Pacific, Justin Gabbani, CEO of investment management at Lendlease, also reflected this viewpoint. He expressed hope the platform will take advantage of industry prospects and propel performance for their investment partners. Soilbuild’s Lim said that by investments in other assets within Soilbuild REIT, the business intends to keep its working relationship with Blackstone intact.
