BlackRock Inc.’s Asia Property Fund
III is selling its Westin hotel in Singapore’s new central
business district one month after the property opened.
The 305-room hotel within the Asia Square Tower 2
commercial development in the Marina Bay area is being sold to
Daisho Group, Blackrock said in an e-mailed response to queries,
declining to give details on the terms of the sale.
“This transaction is in line with the planned exit
strategies of BlackRock Asia Property Fund III,” Blackrock said
in the statement.
The fund was part of MGPA, a private-equity property
investment advisory firm that BlackRock bought earlier this year
to expand its real estate business in the Asia-Pacific region
and Europe. MGPA manages about $12 billion, focusing on real
estate funds management, co-investments and separate-account
mandates for institutional investors, BlackRock, the world’s
largest asset manager, said in May.
Daisho Group is a Toyko-based property developer and
investor with more than $1 billion of assets, according to its
website. The developer owns the 510-room Hilton hotel in Kuala
Lumpur and acquired the Park Hyatt in Sydney in 2008, according
to its website.
The Business Times reported earlier today that the Westin
hotel was sold for S$468 million ($369 million) to Daisho.
To contact the reporter on this story:
Pooja Thakur in Singapore at
pthakur@bloomberg.net
To contact the editor responsible for this story:
Iain McDonald at
imcdonald7@bloomberg.net
Blackrock Fund Sells Singapore"s Westin Hotel to Daisho Group
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