DWS and Hines acquire Bukit Batok industrial building from Soilbuild Business Space REIT for $93.8 mil
Bukit Batok Connection (Credit: CBRE Singapore)
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SINGAPORE (EDGEPROP) - German real estate investment manager DWS and US real estate firm Hines have jointly acquired Bukit Batok Connection, an industrial asset in Jurong East. The property was acquired from Soilbuild Business Space REIT, an industrial trust which was privatised by Blackstone and Soilbuild last year.
The deal marks Hines’ first acquisition in Singapore and DWS’ third logistics asset in Singapore.
Bukit Batok Connection is a nine-storey industrial asset with a gross floor area of 404,000 sq ft. The development comprises 66 units and is currently almost 100% occupied with 55 tenants representing a diversified pool of industries.
“We are thrilled to establish the Hines brand in Singapore, and finally a firm Apac presence with at least one project underway in all the gateway markets within the region,” says Lim Kian Fong, managing director and country head for Singapore at Hines, in a Jan 27 press release.
“Industrial is a growing asset sector for Apac and we look forward to broadening our portfolio in Singapore beyond logistics to also include multifamily, office and retail,” he adds.
Meanwhile, Christopher Kimm, head of real estate, Asia Pacific at DWS, says the relative resilience of Asia Pacific logistics, along with the property’s strong Bukit Batok submarket location, make it an attractive acquisition with the potential to deliver stable income yields.
CBRE Singapore represented Soilbuild Business Space REIT in the transaction.
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