Blackstone joins $1.1b financing for Singapore property developer
The Blackstone Group is backing an investment platform launched by City Developments (CDL) that will enable the Singapore real estate firm to raise S$1.5 billion ($1.1 billion) in return for exposure to cashflows generated by properties on the resort island of Sentosa.
Blackstone is putting S$367 million into the platform - known as a profit participating security - from its Tactical Opportunities Fund. CIMB Bank has committed S$102 million, with a CDL subsidiary investing...
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