16 Mar '17, 6am

Blackstone said to put Sime Darby Singapore property on sale. #realestate

Blackstone said to put Sime Darby Singapore property on sale. #realestate

Blackstone Group LP plans to sell one of the office and retail assets it acquired last year from Malaysian palm-oil producer Sime Darby, according to people familiar with the matter. The New York-based private equity group expects to fetch about $S300 million ($277 million) for the Sime Darby Centre in the Bukit Timah area, which it bought for just under $S200 million, said one of the people, who asked not to be identified because the information isn't public. CBRE Group is advising Blackstone on the sale, the people said, without identifying any of the prospective buyers. In May Blackstone acquired a majority stake in three Singapore property assets, including the Sime Darby Centre, in a deal that valued them at about $S300 million. Located in an ageing commercial block on Dunearn Road, a residential artery lined with upmarket condominiums, the Sime Darby Centre is spread...

Full article: http://www.afr.com/real-estate/blackstone-said-to-put-sim...

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