Blackstone

Singapore has a better Bali on its doorstep, developer says

SINGAPORE (Feb 22): Singapore’s second-largest developer has a suggestion for the government: re-position the billionaire enclave of Sentosa as a tourism mecca like Bali.

Property values at Sentosa Cove, a residential area nestled on a tiny island off the south coast, have been hit particularly hard, with home prices down about 30% from the highs seen in 2010. Even as the rest of the nation’s residential market staged a recovery in the first half of last year, Sentosa remained stubbornly in the doldrums.

Keppel Infrastructure says it is preferred bidder for Blackstone's Ixom

SINGAPORE (Oct 30): Singapore's Keppel Infrastructure Trust said it has been selected as the preferred bidder for Blackstone Group's sale of Australian chemical firm Ixom Holdco.

See: Keppel Infrastructure Trust emerges preferred bidder for Blackstone's Ixom: AFR

Keppel Infrastructure Trust emerges preferred bidder for Blackstone's Ixom: AFR

SINGAPORE (Oct 30): Keppel Infrastructure Trust (KIT) is reportedly named the official preferred bidder for IXOM, Blackstone’s Australian chemicals business formerly owned by multinational corporation Orica.

According to the Australian Financial Review, a recent JPMorgan auction sealed the deal, which is expected to rack up some A$1 billion ($1 billion).

Potential buyers at the auction were told IXOM would make A$139 million in EBITDA the next financial year to continue the 5.1% per-annum growth since Blackstone acquired the asset in 2015.

Blackstone to buy Thomson Reuters unit in US$20 bil deal

(Jan 31): A group led by Blackstone Group agreed to buy a majority stake in Thomson Reuters’s financial and risk unit in a deal that values the business at US$20 billion ($26.1 billion), sealing plans for the firm’s biggest buyout in a decade.

Croesus Retail Trust co-founder speaks up about going private

SINGAPORE (Jan 12): Last September, Croesus Retail Trust (CRT) was taken private by Blackstone Group at a higher price than it ever garnered in the public market.

The trust had traded below its net asset value (NAV) for most of the 4½ years it was listed.

“I was obsessed with closing the valuation gap,” says Jeremy Yong, who was managing director of CRT’s trustee-manager and co-founded the trust.

“We needed to make sure we were trading at fair value so that our acquisition currency was strong enough to acquire new assets,” he adds.

Blackstone, GIC lead buy out of Goldman Sachs stake in Rothesay Life

LONDON (Aug 9): Goldman Sachs has sold its remaining stake in British pensions insurance business Rothesay Life to a trio of existing investors including Singapore's sovereign wealth fund a decade after setting up the company.

Blackstone, Massachusetts Mutual Life Insurance Company and Singapore's GIC have agreed to buy out Goldman's 32.7% stake for an undisclosed sum.

KKR, Blackstone, RRJ and TPG dropping out of race for GLP, says FT

SINGAPORE (June 23): Almost all the potential bidders for Global Logistic Properties are dropping out as the June 30 deadline approaches, reported The Financial Times.

Private equity groups Blackstone, KKR, RRJ Capital and TPG are among those that have decided against making a comprehensive offer, people involved in the process told FT.

Unwinding property curbs gives Singapore developers new headache

SINGAPORE (April 3): Singapore’s recent unwinding of some property curbs, which initially appeared to boost prospects for developers, may instead be creating new problems.

After regulators closed a tax loophole that allowed developers to offload apartments in bulk to institutional investors and wealthy Singaporeans, many of the city’s builders now face an unpalatable choice: discount unsold luxury homes or pay stiff penalties for missing government-mandated sales deadlines.

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