SG Digest: Japan's Daiwa launches unit; Ascendas REIT to buy US assets for $99m

Japan’s Daiwa PI Partners has commenced operations at its newly established subsidiary in Singapore while Ascendas REIT has announced the proposed acquisition of seven logistics properties in the US for $99 million.

Daiwa PI Partners launches SG unit

Japan’s Daiwa PI Partners has commenced operations at its newly established subsidiary in Singapore, according to an announcement.

Daiwa PI Partners is engaged in private equity and venture capital investment in rapidly growing companies in Southeast Asia and East Asia, and adds value to portfolio companies by leveraging Daiwa Securities Group’s Japanese and global networks and resources.

The Tokyo and Singapore teams will work together to strengthen investment activities.

“With the new operations in Singapore, we will further contribute to creating values for portfolio companies. In addition, we will explore more investment opportunities in growing companies, including rapidly increasing ‘unicorns’ in the region,” Daiwa said in the announcement.

Ascendas REIT to buy seven US logistics properties

Singapore’s Ascendas Funds Management Limited, which manages Singapore’s first and largest listed business space and industrial real estate investment trust Ascendas REIT, has announced the proposed acquisition of seven logistics properties in Chicago, US, for S$133.2 million ($99 million).

The seven free-hold properties located across six industrial submarkets will be bought from BREIT Industrial HS Property Owner LLC. The completion of the proposed acquisition is subject to closing conditions and expected to take place in Q2 2022.

“The portfolio comes with a long weighted average lease expiry of 5 years and is 100% occupied by 12 tenants from a diverse range of industries including logistics service providers, engineering companies and a food distributor,” said William Tay, executive director and chief executive officer of Ascendas Funds Management.

Ascendas REIT’s investment properties under management stood at S$16.4 billion as on March 31, 2022.

 

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