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Green light for Blackstone/Croesus Retail Trust deal

Private equity firm Blackstone Group has been given the green light to acquire Japan-focussed property group Croesus Retail Trust (CRT) for US$649.8 million.

Approval in principle for the deal, under a trust scheme, has been granted by Singapore Exchange Securities Trading Limited.

Blackstone made an offer in June to acquire all units in Croesus through a trust scheme, with a consideration of S$1.17 in cash per unit. With the stock-exchange nod, the de-listing is now subject to the approval of a majority vote by unit-holders as well as the approval of the Singapore High Court.

Backing the buyout and privatisation, CRT said the trust scheme represents an opportunity for unitholders to realise their investment at an attractive valuation, and at significant premiums to the historical trading prices of the units.

CRT’s asset portfolio comprises 11 retail properties: Aeon Town Moriya, Aeon Town Suzuka, Croesus Shinsaibashi, Croesus Tachikawa, Feeeal Asahikawa, Fuji Grand Natalie, Luz Omori, Mallage Saga, Mallage Shobu, One’s Mall and Torius.

Blackstone is one of the largest retail owners in the world, with investments in 563 properties globally and outright ownership of 15 properties.

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