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Blackstone said to put Sime Darby Singapore property on sale

Property

Blackstone said to put Sime Darby Singapore property on sale

Bloomberg Published on Thu, Mar 16, 2017 / 1:20 PM GMT+8

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SINGAPORE (March 16): Blackstone Group LP plans to sell one of the office and retail assets it acquired last year from Malaysian palm-oil producer Sime Darby Bhd., according to people familiar with the matter.

The New York-based private equity firm expects to fetch about $300 million for the Sime Darby Centre in the Bukit Timah area, which it bought for just under $200 million, said one of the people, who asked not to be identified because the information isn’t public. CBRE Group Inc. is advising Blackstone on the sale, the people said, without identifying any of the prospective buyers.

Blackstone in May acquired a majority stake in three Singapore property assets, including the Sime Darby Centre, in a deal that valued them at about $300 million. Located in an aging commercial block on Dunearn Road, a residential artery lined with upmarket condominiums, the Sime Darby Centre is spread across 250,000 square feet of which about 80% is office space and the rest is retail.