BlackRock Inc's Asia Property Fund III is exiting its Singapore-based Westin hotel just a month after it opened. The hotel will be purchased by Tokyo-based property developer Daisho Group, according to Bloomberg.
The 305-room structure is located in the Marina Bay Area. In an emailed response to queries, BlackRock declined to give details on the terms of the transaction, the report stated.
BlackRock said in the emailed statement: "This transaction is in line with the planned exit strategies of BlackRock Asia Property Fund III."
The Asia Property Fund III was part of MGPA, a private equity firm that BlackRock purchased this year for the Asian and European expansion of its real estate business, the report detailed.
Daisho Group is a Japanese property developer and investor that holds over $1 billion in assets, according to its website. The developer owns the Hilton hotel in Kuala Lumpur and Park Hyatt in Sydney, as indicated in its website, wrote Bloomberg.
According to the Business Times, the Westin hotel was bought for S$468 million ($369 million) by Daisho, the report said.
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