Singapore: Blackstone, Gaw Capital weighing bids for Ascendas Hospitality Trust

Visual from the Ascendas Hospitality Trust website

Private equity investors Blackstone Group LP and Gaw Capital Partners are weighing separate bids for Singapore’s Ascendas Hospitality Trust, people familiar with the matter said on Thursday.

The potential offers are being considered as bankers say falling market valuations and higher interest rate expectations are set to stoke prospects for mergers and acquisitions in the city state’s property trust sector.

The target, which has a market value of $600 million, is a ‘stapled trust’ comprising Ascendas Hospitality Real Estate Investment Trust and Ascendas Hospitality Business Trust. Stapled assets are created when two or more securities are contractually bound together so they cannot be bought or sold separately.

The trust’s managers said last month they were reviewing options after receiving an unsolicited expression of interest to buy out all its stapled securities.

The people familiar with the matter declined to be identified because the information was not public.

Ascendas Hospitality and Hong Kong-based Gaw Capital declined to comment. An external spokeswoman for Blackstone also declined to comment.

(Reporting by Aradhana Aravindan, Anshuman Daga and Saeed Azhar; Editing by Kenneth Maxwell)

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(Reuters)

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.