Company Briefs: Blackstone Group

Blackstone Group

United States private equity firm Blackstone Group said on Wednesday it has raised the largest ever real estate fund, amassing US$20.5 billion (S$28.2 billion) to be invested in property assets around the world, reported Reuters.

Large buyout firms such as Blackstone have been attracting a lot of capital from investors seeking higher returns not available in public markets.

The capital ready to be deployed has swollen to over US$2 trillion, according to data provider Prequin, driving up asset prices and deal-making activity.

Blackstone said in a statement that the fund, named Blackstone Real Estate Partners IX (BREP IX), has already made its first investment: The purchase of US industrial warehouse properties from Singapore-based logistics provider GLP for US$18.7 billion.

The deal, in which BREP IX co-invested with other Blackstone funds, was announced in June and is expected to close in the coming weeks, the company said.

Blackstone is the world's largest alternative asset manager and one of the biggest property investors, with US$154 billion in real estate assets under management.

Hoe Leong

Hoe Leong Corporation was served on Monday with a writ and statement of claim taken out by solicitors of Mr Halim Saad against the company and five other defendants, the company said in a bourse filing yesterday.

They were issued by the High Court of Malaya in Kuala Lumpur.

Mr Halim's claim in the civil suit is for alleged deceit and/or fraudulent misrepresentation by Hoe Leong, and an alleged conspiracy by the defendants which caused him to suffer loss and damage. He is seeking general damages against the defendants.

Hoe Leong has engaged solicitors in Malaysia to represent it in the suit, and has been advised to file an application to strike out the civil suit for, among other reasons, abuse of court process.

This follows other legal trouble for the machinery parts firm, which last week received a statutory demand under the Companies Act from a law firm acting on behalf of United Overseas Bank.

It is seeking payment of about $5.7 million from Hoe Leong within 21 days from Aug 29 this year, the date of receipt of the statutory demand.

A version of this article appeared in the print edition of The Straits Times on September 13, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe