Blackstone's Avery Lodge portfolio has attracted interest from investment firms including Bain Capital and Apollo Global Management Inc. — Reuters
NEW YORK: Blackstone Inc’s worker housing firm Avery Lodge in Singapore has drawn interest from investment firms including Bain Capital and Apollo Global Management Inc.
The Avery Lodge portfolio, a set of four purpose-built worker compounds with about 1,700 units, has also attracted Brookfield Asset Management Ltd, said people with knowledge of the matter.
A transaction could value Avery Lodge at about S$750mil (US$568mil), the people said.
Talks are ongoing and Blackstone may opt to keep the assets, the people said. Other bidders could also emerge, they added. Representatives for Blackstone, Bain, Apollo and Brookfield declined to comment. — Bloomberg
