Blackstone Group is planning to buy Lucas Real Estate Singapore’s iconic facility, The Sandcrawler, at an indicative price of nearly S$175.8 million, BT has learnt. The sale process is ongoing and is subject to approval from JTC. BT understands that CBRE brokered the deal. Located within the Fusionopolis cluster in Buona Vista, the state-of-the-art complex houses Industrial Light & Magic (ILM), Lucasfilm’s visual effects and animation studio, and serves as Lucasfilm Singapore’s regional headquarters. Its occupancy rate is said to be in the high-90 per cent range. Market watchers said the indicative price tag of about S$175.8 million reflects a net yield of about 4 per cent based on the existing rental income from the building. The Sandcrawler sits on a site with a 30-year leasehold tenure, which started from Sept 2010, with an option to renew for a further 30 years, BT understands. The 22,500 sqm campus was designed by Aedas’ Andrew Bromberg and features a metallic external facade made of low-iron insulated glass. CNBC reported in 2014 that Mr Lucas himself invested in the facility, although Lucasfilm declined to provide further details.... Continue Reading