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Blackstone is notching a 34% markup on the Admirax after two years
Singapore real estate assets continue to be in style with the world’s biggest investors with Mingtiandi able to confirm that BlackRock is on the verge of selling an industrial asset in the city-state to Boston-based fund manager AEW.
BlackRock is set to dispose of Admirax, a seven-storey light industrial building for S$142 million ($107.3 million) less than two years after buying the property in northern Singapore’s Woodlands district, according to sources who spoke with Mingtiandi.
The deal between the pair of US fund management heavyweights is set to be signed just one month after a fund backed by Allianz Insurance agreed to spend $477 million to buy a half-stake in a prime Singapore office asset with many global investors having targetted the Lion City as Asia’s top destination for acquisitions this year.
Share Singapore’s Candy-Colored Shop-Houses Are a Record of the City’s Multicultural History The long-neglected architectural jewels, dating to the 19th Century, are now being celebrated and restored to their former splendor. By Simon Willis February 21, 2021
When my wife and I moved to Singapore last year for her new job, I expected to be traveling into the future. On my previous visits, Singapore s famously efficient airport, Changi, had seemed like the principal node of a gleaming network of expressways, subway lines, and skyscrapers, all designed to maximize the flow of people and capital. It is a place where your car automatically pays for parking, where the traffic lights are controlled by artificial intelligence, and where the cityscape is gilded with ever more fantastical architectural forms. Marina Bay Sands, a triple-towered hotel and casino,