ASCENDAS has closed its inaugural Ascendas ASEAN Business Space Fund raising $US200 million.
Ascendas will hold about 30% interest in the private real estate fund with the remaining 70% to be held by international and Singapore-based investors including GE Real Estate Investment Holdings, Singapore Press Holdings Limited and Shinsei Bank, Limited.
The ASEAN Fund is expected to invest up to $US1 billion in asset size. Ascendas’ president Chong Siak Ching said the ASEAN Fund will enable investors to participate in a diversified geographical portfolio with exciting opportunities coming from the emerging economies of
“The strong growth primarily in the industrial as well as IT (information technology) and BPO (business process outsourcing) sectors has generated greater demand for high-quality business space. This is an area where Ascendas can play a role in setting new benchmarks for business space solutions and bringing our unique Ascendas business lifestyle to new markets.”
The fund will invest in a portfolio of offices, technology-related facilities, as well as science, biotech and IT-related assets, mixed development projects as well as industrial and logistics facilities.
GE Real Estate’s managing director for Southeast Asia Roger Keane by investing in this fund, the group is growing and diversifying its portfolio at a decreased level of risk.
The ASEAN Fund has already invested in
And will also acquire land in Subang Jaya to develop a 120,000 sq ft clustered logistics hub.
The ASEAN Fund is the latest addition to Ascendas’ portfolio of real estate funds, and marks its next move into developing its regional fund management business. Ascendas recently launched the Ascendas India Development Trust, a fund focusing on mixed development projects in the fast growing Indian property market.
Australian Property Journal