By Mars Woo
The co-working space operator currently has four locations in Singapore and Hong Kong, including one that is opening next year.
The deal follows its purchase of 12 logistics properties in July for $273.3 million.
Co-working spaces in India are becoming crowded with at least 350 operators vying for clients, leading to fears that a consolidation will lead to the shuttering of many companies.
Ascendas-Singbridge said it will undertake asset enhancement initiatives to develop the property, which has approximately 218,900 square feet of gross floor area.
The assets on sale are part of the portfolio of apartment buildings Anbang bought from Blackstone for around $2.3 billion.
PAG’s bid for Spring REIT would value the company at $780 million, and is the latest in a long battle between the two.
Analysts in Singapore say REITs, or real estate investment trusts, are a better bet than developers in light of the island’s recent cooling measures.
Blackstone is in talks to acquire cash-strapped IL&FS’ head office building in Bandra Kurla Complex in Mumbai.
Singapore-based diversified real estate player OUE Limited‘s healthcare subsidiary, OUE Lippo Healthcare (OUELH), plans to acquire a 10.63 per cent stake in SGX-listed First REIT. The company also plans to acquire 40 per cent stake in First REIT’s manager, Bowsprit Capital Corporation. The proposed acquisitions come up to about $103.6 million (S$142… Read more »
The US deal marks the property developer’s foray into the multifamily asset class.