SINGAPORE - Private equity firm Blackstone Group is in the process of buying Singapore-listed Croesus Retail Trust, which operates retail properties in Japan, Dow Jones has reported citing sources.
Croesus Retail requested for a trading halt on Tuesday morning, according to a filing on the SGX. The company manages a portfolio worth about S$1.5 billion consisting mainly of shopping malls in places such as Osaka, Hatsukaichi City and Sobu-machi, sources said.
Croesus, which is backed by its partners Daiwa House Industry and Marubeni, said in April that it had been approached with an acquisition offer and that it was engaged in preliminary talks. Croesus didn't identify the party it was talking to.
A potential deal would add to a string of merger-and-acquisition activities in Singapore since the start of this year.
In April, Chinese conglomerate HNA Group made an offer to buy all the shares of logistics and warehousing firm CWT for S$1.4 billion. Warehousing giant, Global Logistic Properties, is also in talks with potential bidders to sell itself.
For Blackstone an acquisition of Croesus will add to its real-estate portfolio that currently has US$102 billion assets under management, Dow Jones reported.