U.S. private equity group Blackstone Group has reached an agreement to buy Singapore-listed and Japan-focused Croesus Retail Trust for S$900.6 million or $650 million. Affiliates of Blackstone Real Estate will pay S$1.17 in cash per unit, representing a 38 percent premium to CRT’s 12-month volume weighted average price. CRT, which is backed by Japanese real estate business conglomerate Daiwa House Industry Co Ltd and trading company Marubeni Corp, will be acquired through a “trust scheme” and delisted. Citigroup Global Markets Singapore Pte Ltd is the financial adviser to Croesus Retail Asset Management, the trustee-manager, while DBS Bank is the financial adviser to Blackstone Group.
“Croesus Retail Trust has an established portfolio of quality Japanese retail assets. This transaction represents a good opportunity for Blackstone’s real estate business to further expand its platform in Japan,” said Christopher Heady, head of real estate Asia at Blackstone Group.
