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Blackstone To Buy Singapore Property In $132M Deal

By  |  April 22, 2021

Blackstone Group is seeking to invest in more properties in Singapore to capitalize on rising demand for office space among technology firms expanding in the city-state.

The plans come after the US private equity firm announced that it’s purchasing an eight-story building from Lucas Real Estate called the Sandcrawler for S$176 million (US$132 million), confirming an earlier Bloomberg report.

Blackstone is seeking to make long-term investments in high-quality assets that provide strong returns, Alan Miyasaki, head of Asia real estate acquisitions, said in an interview. That would require having a strong roster of tenants, such as those in the Sandcrawler, which houses Walt Disney and the Government Technology Agency.