(SINGAPORE) – Hines, the international real estate firm, in a joint venture with global real estate investment manager, DWS, today announced the firm acquired Bukit Batok Connection, a 378,000-square foot industrial asset, from the portfolio of Soilbuild Business Space REIT, an industrial trust which Blackstone and Soilbuild privatized.
Rising nine-stories, Bukit Batok Connection is Hines’ tallest logistics asset, and is located in Jurong East in Western Singapore, adjacent to highly populated residential neighborhoods making this a superior location for last-mile logistics companies to expand their operations in Southeast Asia’s wealthiest city. This multi-story center features six-meter floor heights, ramp access to every floor and unit with capacity for cars, vans and trucks up to 20-feet. In addition, tenants will have access to two elevator lobbies at both ends of the floorplan. The property is currently almost 100% occupied with 55 tenants representing a diversified pool of industries.
“We are thrilled to establish the Hines brand in Singapore, and finally a firm APAC presence with at least one project underway in all the gateway markets within the region,” said Kian Fong Lim, managing director and country head for Singapore at Hines. “Industrial is a growing asset sector for APAC and we look forward to broadening our portfolio in Singapore beyond logistics to also include multifamily, office and retail.”
The asset was acquired on behalf of DWS’ institutional, Asia-focused core real estate strategy and marks the third acquisition for the business in Singapore.
Christopher Kimm, Head of Real Estate, Asia Pacific at DWS said: “The relative resilience of Asia Pacific logistics along with the property’s strong Buki Batok submarket location make this an attractive acquisition with the potential to deliver stable income yields for our investors.”
Hines has invested nearly $4.1 billion in the industrial and logistics sector and completed over 60 acquisitions totaling more than 43 million square feet. Hines has an additional 36 development projects ranging from in-design to completed, currently held in our portfolio representing over an additional 25 million square feet.   
DWS Group is one of the world's leading asset managers with EUR 880bn of assets under
management (as of 30 September 2021) with diverse expertise in Active, Passive and
Alternatives asset management. Its real estate business has around 71 billion in assets under management globally (as of September 30, 2021).
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billionÂą. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ÂąIncludes both the global Hines organization as well as RIA AUM as of June 30, 2021.
DWS - Real Estate
DWS has been investing in real estate assets for more than 50 years. As part of the Alternatives platform, the real estate business has more than 450 employees around the world and around 71 billion in assets under management as of September 30, 2021. Providing a diverse range of strategies and solutions across the risk/return and geographic spectrums, we offer core and value-added real estate, real estate debt, real estate securities and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide.
