Warburg Pincus-Lendlease venture buys Singapore property assets for $1.2 billion

SINGAPORE (Reuters) -Warburg Pincus and Australian real estate group Lendlease said on Tuesday their joint venture has acquired property assets in Singapore for S$1.6 billion ($1.2 billion).

The portfolio is comprised of business parks and specialist facilities that count blue chip companies in the life sciences sector as tenants and is one of the largest deals involving a private portfolio of industrial assets in the city-state, the statement said.

The statement said the assets were bought from entities “associated with” Blackstone (NYSE:) and Lim Chap Huat, executive chairman of Soilbuild Group but did not provide further explanation.

The U.S.-based global investment firm and Lendlease launched their joint venture platform at the end of July to focus on life sciences and R&D real estate in the Asia Pacific region.

($1 = 1.3036 Singapore dollars)