Blackstone Real Estate has made an offer for all units of Croesus Retail Trust (CRT), the Singapore trust says.

The acquisition will be by way of a trust scheme, with a consideration of S$1.17 (US85c) in cash per unit. This implies an equity value of about $900.6 million for CRT.

“The scheme represents an opportunity for unitholders to realise their investment at an attractive valuation, and at significant premiums,” says CRT.

CRT chairman/independent director David Lim says he was “pleased” to receive Blackstone’s proposal to privatise the trust via a trust scheme.

With CRT having an established portfolio of Japanese retail assets, the transactions represents a good opportunity for Blackstone to expand its platform in Japan, says Blackstone Group senior MD Christopher Heady.