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Solaris in Singapore’s One North is Soilbuild REIT’s top asset
As stable becomes sexy in Asia’s real estate markets, Blackstone is teaming up with the family controlling the sponsor of a Singapore-listed REIT for a S$700.3 million ($524.5 million) offer to buy out the industrial real estate trust.
Funds controlled by Stephen Schwarzman’s private equity giant are making a joint offer with Soilbuild Group executive chairman Lim Chap Huat to purchase the units in Soilbuild Business Space REIT not controlled by Lim and his family, according to an announcement to the Singapore exchange.
Soilbuild REIT owns 10 properties in Singapore and another three in Australia, with the manager of the trust presenting the buyout as a way to achieve value for unit-holders in a trust that has struggled to grow to a scale attractive to traders in the city’s fragmented industrial REIT market.