Northstar Group, a private equity firm owned by Indonesian investor Patrick Walujo, has led a management takeover of Singapore's biggest property broker, ERA Singapore Pte Ltd, its second major deal in Singapore in less than a year and a sign of growing interest in the city's real estate market.Singapore, one of Asia's major financial centres, is a popular destination for the world's wealthy due to its minimal taxes, low crime rate and cosmopolitan environment. Private equity firms remain keen on the market despite government efforts to cool private home prices that have risen more than 60 percent since mid-2009, largely due to low interest rates.The Northstar-led group is paying around S$130 million ($103 million) to purchase ERA from Hersing Corp, a source familiar with the deal told Reuters. Northstar did not disclose the price.Northstar, in which U.S. buyout firm TPG Capital Management LP has a minority stake, was competing against several private equity bidders including Blackstone Group LP and Affinity Equity Partners, sources told Reuters.
The Blackstone Group L.P. (Blackstone), is a manager of private capital and provider of financial advisory services. Shares of BX fell by 1.73% or $-0.4/share to $22.76. In the past year, the shares have traded as low as $13.04 and as high as $24.31. On average, 5100190 shares of BX exchange hands on a given day and today's volume is recorded at 12178802.
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