Singapore’s Ascendas-Singbridge launches fifth office fund in South Korea

ICON Yeoksam. Photo credit: Ascendas-Singbridge

Singapore-based urban development and business space solutions provider Ascendas-Singbridge Group has launched its fifth office fund through its subsidiary Ascendas Asset Management Co Ltd, according to an official statement.

The fund, named Ascendas Korea Office Qualified Private Real Estate Investment Trust No 5 (AKOPREIT5), is a 10-year closed private fund with an equity of S$39.6 million. The fund was officially launched on September 28, 2017.

The new fund has in its portfolio ICON Yeoksam, a mid-sized office building located in the Gangnam Business District of Seoul, South Korea. The building was acquired on 20 November 2017 for S$124.3 million.

“In view of its strategic location, the mid-sized building has already attracted the attention of numerous blue-chip companies seeking to set up their offices there,” said William Tay, CEO, Korea Operations, Ascendas-Singbridge.

“Backed by its rapidly growing economy, South Korea continues to hold huge potential for investment and fund management business. We have established a foothold in South Korea since 2002 and are committed to offer best-in-class assets that create value and optimise returns for our stakeholders and investors,” Tay added.

After the acquisition of ICON Yeoksam, the Ascendas-Singbridge Group has assets under management in South Korea worth KRW0.7 trillion (S$0.8billion).

In August, Singapore’s sovereign wealth fund GIC and Ascendas-Singbridge Group acquired a 16-acre land parcel in Pune, India.

Around the same time, the company signed a contract of sale with ASX-listed GDI Property Group (GDI) to acquire a new commercial building within the Sydney Central Business District in Australia pegged at $198.8 million (A$252 million).

Ascendas-Singbridge also recently floated a joint venture with real estate firm Firstspace Realty to enter India’s industrial logistics and warehousing market in India.

Also Read:

GIC, Ascendas-Singbridge acquire India land parcel from Kohinoor Group

Singapore: Ascendas-Singbridge to acquire $198.8m commercial tower in Sydney

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.