Warburg Pincus JV Buys Around S$1.6 Bln Portfolio Of Assets In Singapore

(RTTNews) - Investment firm Warburg Pincus LLC announced that the JV platform jointly established with Australian integrated real estate group Lendlease, as well as its managed investment vehicle LINO, acquired around S$1.6 billion portfolio of assets in Singapore.

The purchase was made from entities associated with Blackstone Inc. (BX) and Lim Chap Huat, Executive Chairman of Soilbuild Group Holdings Ltd.

According to the firm, which has more than $83 billion in assets under management, the deal represents one of the largest transactions of a private portfolio of industrial assets in Singapore.

The acquisition is the first transaction for the JV platform, which was officially launched on July 31 to focus on life sciences and R&D real estate in Asia Pacific.

The purchased portfolio, with a total gross floor area of 4.5 million sq ft, comprises high quality business parks and specialist facilities situated within established designated precincts across Singapore.

Takashi Murata, Managing Director, Co-Head of Asia Real Estate and Head of Japan at Warburg Pincus, said, "We are delighted to be completing this landmark acquisition shortly after establishing the JV platform. The portfolio gives us immediate scale in the tightly held Singapore market, cementing our position as one of the top industrial asset owners in Singapore and reiterating our conviction in the life sciences and R&D sector."