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Warburg Pincus-Lendlease JV platform acquires $1.6 bil portfolio of assets in Singapore

By Felicia Tan

/ The Edge Singapore |

August 27, 2024 11:03 AM SGT

Gabbani: This strategic acquisition underscores our commitment to the rapidly expanding life sciences and R&D real estate market in Asia Pacific (Picture: Samuel Isaac Chua/The Edge Singapore)

A joint venture (JV) platform by global private equity firm Warburg Pincus and Australia-listed Lendlease Group has acquired a $1.6 billion portfolio of assets in Singapore.

The assets were acquired from Soilbuild Business Space REIT (Soilbuild REIT), which is controlled by Blackstone and Lim Chap Huat, executive chairman of Soilbuild Group. Lim and Blackstone had privatised Soilbuild REIT in 2021.

The portfolio acquired by the JV has a total gross floor area (GFA) of 4.5 million sq ft, comprising business parks and specialist facilities that are tenanted to companies across life sciences, technology, advanced manufacturing and logistics.

Representing one of the largest transactions of a private portfolio of industrial assets in Singapore, the acquisition marks the first transaction for the JV platform since it was launched on July 31. The platform was established to focus on life sciences and research & development (R&D) real estate in Asia Pacific (Apac).

“We are delighted to be completing this landmark acquisition shortly after establishing the JV platform. The portfolio gives us immediate scale in the tightly held Singapore market, cementing our position as one of the top industrial asset owners in Singapore and reiterating our conviction in the life sciences and R&D sector,” says Takashi Murata, managing director, co-head of Asia real estate and head of Japan at Warburg Pincus.

“This strategic acquisition underscores our commitment to the rapidly expanding life sciences and R&D real estate market in Asia Pacific. The platform is well-positioned to capture opportunities in the sector. We look forward to building momentum and further scaling the business, as well as driving performance for our investment partners,” adds Justin Gabbani, CEO investment management, Lendlease.

Soilbuild's Lim says the group will continue working with Blackstone through investments in other assets in Soilbuild REIT.

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