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KUALA LUMPUR (May 4): Blackstone Group LP is in negotiations to buy industrial properties owned by Sime Darby Bhd in Australia, according to a report by Bloomberg. The assets are valued at A$250 million (RM746.5 million).
Five industrial buildings in Australia could be acquired by Blackstone Group, said the report. Sime Darby is planning to sell property assets in Australia and Singapore so that it can reduce debt.
“In Australia, we have 13 properties and in Singapore we have three. We are looking at disposing off office buildings and industrial properties in the two countries,” Sime Darby CEO Mohd Bakke Salleh (pictured) told the media here few months ago. The company plans to raise up to RM1.5 billion via the sales.
"We are working on various options including asset monetisation to help manage the gearing level," Sime Darby said in a statement on Tuesday.
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