Ashurst advises Mr Lim Chap Huat, DBS Trustee and others on sale of S$1.6b Soilbuild REIT portfolio to Warburg Pincus - Lendlease JV

Global law firm Ashurst has advised several parties in the blockbuster sale by Mr Lim Chap Huat and Blackstone of a S$1.6 billion portfolio of industrial assets held by Soilbuild Business Space REIT to a Warburg Pincus - Lendlease JV platform focussed on life sciences and R&D real estate.

This is the largest private industrial real estate deal in Singapore this year to-date, and represents one of the largest trades of a real estate portfolio in Singapore's history.

The portfolio comprises 4.5 million square feet of business park space and high-tech industrial facilities across Singapore. The properties are leased to blue-chip companies in the life sciences, technology, advanced manufacturing, and logistics sectors.

The portfolio is held by Soilbuild Business Space REIT, which was formerly listed on the SGX and privatised by Mr Lim and Blackstone in 2021. Post-transaction, Mr Lim and Blackstone will continue their partnership through investments in other assets.

This also marks the first acquisition for the life sciences JV established between New York-based private equity firm Warburg Pincus and Australian developer Lendlease since it was launched two months ago.

Ashurst fielded separate teams acting for multiple parties in the transaction.

Ashurst's Southeast Asia head of M&A Chiam Tao Koon, and Choo Yi Ming led the team which advised Mr Lim Chap Huat and the managers of Soilbuild Business Space REIT.

Xiaozheng Ko and Zheng Chok Kai led the team which advised DBS Trustee and certain Blackstone-Soilbuild JV entities.