Blackstone to Buy Retail REIT for $650M

The group is expanding its footprint in Asia with the acquisition of Croesus Retail Trust, which owns a portfolio of 11 shopping malls in Japan.
The Blackstone Group’s footprint in Asia is poised to increase by 4.6 million square feet. Blackstone Real Estate has entered into an agreement to acquire all the issued units in Singapore-based Croesus Retail Trust, a retail REIT with a portfolio of 11 shopping malls in Japan, for S$900.6 million, or roughly $650 million.
Per terms of the agreement, Blackstone will pay S$1.17 in cash per unit for approximately 769.7 million issued units. “Croesus Retail Trust has an established portfolio of quality Japanese retail assets. This transaction represents a good opportunity for Blackstone’s real estate business to further expand its platform in Japan and a chance to work together with the proven management team and staff at Croesus,” Christopher Heady, senior managing director & head of real estate, Asia, with The Blackstone Group, said in a prepared statement…
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