Northstar Moves into Real Estate Through Debut Deal (Asia)
Source: Private Equity International | Author: Michelle Phillips
Southeast Asia-focused private equity firm The Northstar Group has partnered with Singapore-based brokerage firm ERA Real Estate to lead a management buyout of ERA Real Estate from Hersing Corporation, a Singapore-based brand manager and service provider. Local media reports valued the deal at SGD$130 million (approximately US$102.5 million), which is understood to include some leverage. Northstar has created Realty Partners Group to act as the holding company for the transaction. ERA Real Estate is focused primarily on the residential sector and completed 44,000 sales transactions in 2012.