Blackstone nabs StarHub Green for $210m - report
The Blackstone Group is thought to have purchased Singapore’s StarHub Green building for $210 million, in its first major real estate acquisition in the city state.
Blackstone bought the building, located near MacPherson MRT Station along Ubi Avenue 1, from German property fund manager SEB, according to the Business Times. It comprises two towers and is on a site whose lease expires in around 45 years.
StarHub Green has 470 car parking spaces, and its valuation through the deal equates to $500-550 per square foot on net lettable area. More than 90% of the property is rented out.
The project was originally developed by Singaporean infrastructure firm Boustead, before being sold to SEB once completed.
Last month, Blackstone paid $770 million for 65 US industrial assets owned by Australia's Dexus Property Group. Investing via affiliates of Blackstone Real Estate Partners VII, the firm acquired properties including three warehouses leased to Whirlpool Corp.
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