(Bloomberg) -- Blackstone Inc.’s worker housing firm Avery Lodge has drawn interest from investment firms including Bain Capital and Apollo Global Management Inc., according to people with knowledge of the matter.
The Avery Lodge portfolio, a set of four purpose-built worker compounds with about 1,700 units, has also attracted Brookfield Asset Management Ltd., the people said, asking not to be identified as the process is private. A transaction could value Avery Lodge at about S$750 million ($568 million), the people said.
Talks are ongoing and Blackstone may opt to keep the assets, the people said. Other bidders could also emerge, they added.
Representatives for Blackstone, Bain, Apollo and Brookfield declined to comment.
Blackstone started marketing the foreign worker housing in Singapore after holding the properties for more than a decade, online news outlet Mingtiandi reported in June, citing unnamed people. The private equity firm bought the assets from Morgan Stanley in 2010 for about S$380 million, the daily said.
--With assistance from Low De Wei.
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