Blackstone looking to buy Lucasfilm’s Singapore office building for $132m

Buildings stand in the central business district as the sun sets in Singapore, on Sunday, June 4, 2017. Photographer: Sanjit Das/Bloomberg

Blackstone Group Inc. is looking to purchase Lucasfilm’s building in Singapore for about S$175 million ($132 million), according to people familiar with the matter.

The company has started the process of buying the building known as The Sandcrawler, pending regulatory approval, the people said, requesting not to be named because the matter is private.

The move signals Singapore’s property assets continue to be attractive to foreign investors, who see the city’s political, financial and legal stability as an advantage. Other American companies including Amazon.com Inc. and Facebook Inc. are also expanding their presence, while China’s tech behemoths such as Tencent Holdings Ltd. and ByteDance Ltd. are looking to make Singapore a beachhead for Southeast Asia.

The facility, located in central Singapore, has eight floors of office space. It also includes a retail shopping area, a 100-seat theater and lush gardens which accent its modern exterior. The building opened to much fanfare in September 2013, with Lucasfilm founder George Lucas and the city-state’s Prime Minister Lee Hsien Loong attending the launch.

Modeled after the Sandcrawler, a fictional vehicle featured in the Star Wars films, the building was used as the regional headquarters for the digital animation studio and also served as the base for The Walt Disney Company (Southeast Asia).

Singapore’s home prices are also seeing a recovery, rising to the highest in more than two years last quarter. The country forecasts a recovery from its worst recession since independence as Covid vaccinations are rolled out and restrictions eased.

Bloomberg

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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.