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 firstname.lastname@example.org
To contact the editor responsible for this story: Iain McDonald at email@example.com