Blackstone to acquire Croesus Retail Trust

Blackstone Group has signed a deal to acquire Singapore-listed Croesus Retail Trust for S$900.6 million ($652 million).

Overall, the CRT manages a portfolio worth approximately $1.1 billion in assets located in Japan. To date, CRT’s total portfolio of 11 assets comprises four retail properties as at listing date, and seven retail properties acquired subsequent to the initial public offering, according to Deal Street Asia.

It is backed by Japanese real estate conglomerate Daiwa House Industry Co Ltd and trading company Marubeni Corp.

In April 2017, Croesus Retail Trust stated it had been approached with an offer and that it was engaged in preliminary talks.