Blackstone, Gaw Eye Takeover Of $580M REIT
Sources tell Bloomberg that Blackstone (CEO Steve Schwarzman, left) and Gaw Capital (chair Kenneth Gaw, right) are pondering offers for the $584M Singapore-based Ascendas Hospitality Trust.
Ascendas is weighing its options after the unsolicited offers from the two private equity giants. The REIT owns 11 hotels with 4,100 rooms in four countries. Its parent company, Ascendas PTE, has a business park and Indian property REITs as well.
The Chinese market fell so hard it was suspended Thursday, causing Ascendas shares to drop 2% in trading.
Bloomberg data shows a deal would top off $9.2B in buys of Singapore commercial real estate firms over the past year. [Bloomberg]