Bookmark & Share
Ascendas-Singbridge Group said on Friday (7 Sept) that it has embarked on its maiden venture into the US with the purchase of a portfolio of 33 office properties across three cities.
With an overall net leasable area of 3.3 million sq ft, the office properties in Raleigh, Portland and San Diego were acquired for an undisclosed amount.
Sited on freehold land, these high-quality office assets are strategically situated close to mass transport, airports and major roads, as well as retail stores and other amenities.
Moreover, these properties enjoy a high occupancy rate and are leased to major companies with business interests in different fields like internet, technology, aerospace and biotech. Some existing occupants are also members of Fortune 500 companies like Nike and Oracle.
“Strategically located in concentrated clusters across three high-growth and technology-centric submarkets, the portfolio provides significant scale to tap on key growth drivers in the US economy,” said Ascendas-Singbridge Group Chief Investment Officer He Jihong.
“We focus on locations with favourable long-term fundamentals and will continue to seek out opportunities that will allow us to benefit from advances in science, technology and innovation in the future economy,” she noted.
Ascendas-Singbridge Group, a 51:49 joint venture between Temasek Holdings and JTC Corporation, is a leading provider of business space, with assets under management across the globe surpassing $20 billion.
The Singapore-based company also develops townships, mixed-use projects and business/industrial parks. It has developments in 42 cities across 11 countries such as Singapore, Indonesia, India, China, South Korea, the UK and the US.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Epic Land to divest 7 strata office units in Prudential Tower
Singapore office occupants eyeing newer buildings to escape rental squeeze