MGPA exits Westin Singapore hotel for $369m

The hotel is located in the Asia Square Towers office property in Marina Bay, which is part of MGPA's portfolio. According to The Business Times, MGPA's original asking price was S$2 million per room, or about S$610 million in total. The S$468 million purchase price translates into S$1.5 million per room.

Tokyo-based property developer Daisho owns retail, office and hotel developments across Australia, Malaysia and Japan. The company's current property holdings exceed $1 billion.

BlackRock struck a deal to acquire MGPA in May 2013 for an undisclosed amount, to increase its exposure to Europe and Asia. Macquarie Group owned 56% of MGPA and the remaining 44% was held by the private equity firm's management.

The majority of MGPA's portfolio is spread across Asia, in Japan, Malaysia, Singapore, China and Australia, but the firm also owns property in continental Europe. In 2013 it acquired office buildings in Tokyo, J-Tower in Shanghai, and the Optima Centre in Perth.

At the time of the acquisition the firm was in the process of raising capital for its Asien Spezialfonds fund, which buys buildings that are already let, repositions them and collects the yield from rental and management income. The fund targets institutional investors from German-speaking countries, and has so far raised EUR135 million ($175 million) of its EUR500 million target.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Real estate
• Real estate
• Exits
• BlackRock
• MGPA
• Real estate
• Singapore
• Exit