{"id":1004182546,"date":"2017-07-03T04:25:47","date_gmt":"2017-07-03T12:25:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004182546"},"modified":"2022-12-04T10:43:16","modified_gmt":"2022-12-04T18:43:16","slug":"blackstone-to-buy-retail-reit-for-650m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-retail-reit-for-650m\/","title":{"rendered":"Blackstone to Buy Retail REIT for $650M"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

The Blackstone Group\u2019s footprint in Asia is poised to increase by 4.6 million square feet. Blackstone Real Estate has entered into an agreement to acquire all the issued units in Singapore-based Croesus Retail Trust, a retail REIT with a portfolio of 11 shopping malls in Japan, for S$900.6 million, or roughly $650 million.<\/p>\n

\"Mallage<\/a>

Mallage Shobu, Kuki, Japan<\/p><\/div>\n

Per terms of the agreement, Blackstone will pay S$1.17 in cash per unit for approximately 769.7 million issued units. \u201cCroesus Retail Trust has an established portfolio of quality Japanese retail assets. This transaction represents a good opportunity for Blackstone\u2019s real estate business to further expand its platform in Japan and a chance to work together with the proven management team and staff at Croesus,\u201d<\/em> Christopher Heady, senior managing director & head of real estate, Asia, with The Blackstone Group, said in a prepared statement.<\/p>\n

Croesus\u2019s portfolio<\/h2>\n

Croesus\u2019s collection of retail properties consists of Aeon Town Moriya, Aeon Town Suzuka, Croesus Shinsaibashi, Croesus Tachikawa, Feeeal Asahikawa, Fuji Grand Natalie, Luz Omori, Mallage Saga, Mallage Shobu, One\u2019s Mall and Torius. Five of the assets are located in metropolitan Tokyo.<\/p>\n

The acquisition, which will be executed through a trust scheme in accordance with Singapore\u2019s M&A regulations, is on track to close in the fourth quarter of 2017, pending unitholder approval and court sanction. The transaction will significantly enhance Blackstone\u2019s retail presence in Asia, where it owned 15 properties totaling 6.5 million square feet, as of September 30, 2016. The institutional real estate investor\u2019s global retail portfolio spans 82 million square feet.<\/p>\n

Blackstone\u2019s expansion<\/h2>\n

Blackstone\u2019s added a couple of real estate companies to its holdings this year. The investor purchased Germany\u2019s OfficeFirst Immobilien AG<\/a> and its portfolio of 100 properties, and snapped up a majority interest in flexible office space provider <\/a>The Office Group, which boasts 36 buildings located predominantly in central London.\u00a0<\/p>\n

Image courtesy of Croesus Retail Trust<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The group is expanding its footprint in Asia with the acquisition of Croesus Retail Trust, which owns a portfolio of 11 shopping malls in Japan. <\/p>\n","protected":false},"author":969,"featured_media":1004182558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21783,21742,21749],"tags":[36501,36498,33129,36499],"class_list":["post-1004182546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-investment","category-latest","category-retail","tag-chris-heady","tag-croesus-retail-trust","tag-the-blackstone-group","tag-the-office-group"],"acf":[],"yoast_head":"\nBlackstone to Buy Retail REIT for $650M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-retail-reit-for-650m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone to Buy Retail REIT for $650M\" \/>\n<meta property=\"og:description\" content=\"The group is expanding its footprint in Asia with the acquisition of Croesus Retail Trust, which owns a portfolio of 11 shopping malls in Japan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-to-buy-retail-reit-for-650m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-03T12:25:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T18:43:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Mallage-Shobu-Kuki-Japan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-buy-retail-reit-for-650m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-buy-retail-reit-for-650m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Blackstone to Buy Retail REIT for $650M\",\"datePublished\":\"2017-07-03T12:25:47+00:00\",\"dateModified\":\"2022-12-04T18:43:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-buy-retail-reit-for-650m\\\/\"},\"wordCount\":332,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-buy-retail-reit-for-650m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/07\\\/Mallage-Shobu-Kuki-Japan.jpg\",\"keywords\":[\"Chris Heady\",\"Croesus Retail Trust\",\"The Blackstone Group\",\"The Office Group\"],\"articleSection\":[\"Deals\",\"Featured\",\"International\",\"Investment\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-buy-retail-reit-for-650m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-to-buy-retail-reit-for-650m\\\/\",\"name\":\"Blackstone to Buy Retail REIT for $650M - 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