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SG Singapore's Westin hotel sold for US$369m

Property Here - Tuesday, December 31, 2013

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The Westin hotel in Singapore’s new central business district has been sold by BlackRock’s Asia Property Fund III to Tokyo-based Daisho Group for a stunning US$369 million, media reports said. 

The deal takes place just one month after the 305-room hotel opened at Asia Square Tower 2. However, the other details remain unknown.  

“This transaction is in line with the planned exit strategies of BlackRock Asia Property Fund III,” the New York-based asset manager said. 

The fund used to be part of MGPA, a property investment advisory that was acquired by BlackRock earlier this year as part of its Europe and Asia Pacific expansion. 

With about US$12 billion worth of assets under management, MGPA focuses on co-investments, overseeing property funds and separate-account mandates for institutional investors, revealed BlackRock in May.

Meanwhile, Daisho Group is a Japanese property developer and investor with over US$1 billion worth of assets, including the Park Hyatt in Sydney and the 510-room Hilton hotel in Kuala Lumpur.