Blackstone Real Estate to acquire Soilbuild Business Space from Soilbuild Group for $525m.

Blackstone Real Estate, a real estate investing company, to acquire Soilbuild Business Space, a Singapore real estate investment trust, from Soilbuild Group, an integrated property group, for $525m. The proposed acquisition is to be effected by way of a trust scheme of arrangement. The scheme consideration represents a premium of about 34.5%, 34.8%, 53.2$ and 29.1% over the volume-weighted average price per Soilbuild Business Space unit respectively for the one-month, three-month, six-month and 12-month period up to and including August 31. "We believe that this proposal by Blackstone presents the best option for minority unitholders based on the offers received, representing the highest price received," Lim Chap Huat, Soilbuild Group Executive Chairman.