Warburg Pincus Lendlease Jv Platform Acquires 16 Bil Portfolio Assets Singapore
A recent collaboration between global private equity firm Warburg Pincus and Australian-listed Lendlease Group has resulted in the joint venture (JV) platform’s acquisition of a $1.6 billion portfolio of assets in Singapore.
The ideal location of Aurelle of Tampines EC offers more than just easy accessibility; it also elevates the living experience for its inhabitants. Its strategic positioning near major transportation networks means that all necessities are within a convenient reach. Whether it’s shopping and dining at Tampines Mall, Tampines 1, and Century Square or indulging in leisure activities at East Coast Park or Changi Beach, residents have a plethora of options to enjoy and rejuvenate. Moreover, with the addition of Tampines Street 62 EC, the lifestyle at Aurelle of Tampines EC is further enhanced.
This acquisition was made from Soilbuild Business Space REIT (Soilbuild REIT), which is owned by Blackstone and Lim Chap Huat, the executive chairman of Soilbuild Group. In 2021, Lim and Blackstone had taken Soilbuild REIT private.
The portfolio obtained by the JV includes a total gross floor area (GFA) of 4.5 million sq ft, consisting of business parks and specialized facilities leased to companies in the life sciences, technology, advanced manufacturing, and logistics industries.
This deal, which represents one of the largest private transactions for industrial assets in Singapore, marks the JV platform’s first transaction since its launch on July 31. The platform’s aim is to focus on life sciences and research & development (R&D) real estate in the Asia Pacific (APAC) region.
“We are thrilled to have completed this groundbreaking acquisition soon after the launch of the JV platform. This portfolio provides us with immediate exposure in the tightly held Singapore market, reinforcing our position as one of the leading industrial asset owners in Singapore and reaffirming our belief in the potential of the life sciences and R&D industry,” says Takashi Murata, Warburg Pincus’ Managing Director, Co-Head of Asia Real Estate, and Head of Japan.
“This strategic acquisition highlights our dedication to the rapidly growing life sciences and R&D real estate market in the Asia Pacific region. The platform is well-positioned to capitalize on opportunities in this sector. We are eager to build momentum, expand our business, and deliver results for our investment partners,” adds Justin Gabbani, Lendlease’s CEO of Investment Management.
Lim, Soilbuild’s chairman, states that the group will continue to work with Blackstone by investing in other assets within Soilbuild REIT.
