Ascendas-Singbridge Enters US With Office Portfolio Deal
The 3.3 million square foot portfolio is located in Portland, Raleigh and San Diego.
SINGAPORE–Ascendas-Singbridge Group has acquired a portfolio of 33 office properties in the US — its first deal here. The portfolio, which has a total net lettable area of 3.3 million square feet, is located in Portland, Raleigh and San Diego.
Terms of the deal and the seller were not announced.
The company says that the portfolio has a high occupancy rate and includes such tenants as Nike and Oracle. It is expected to generate stable returns and long-term growth. “We focus on locations with favorable 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,” says He Jihong, chief investment officer of the company in a prepared statement.
As part of its push into the US market, Ascendas-Singbridge Group will be establishing a regional office in San Francisco.
The company has been expanding its international presence of late. In August Ascendas REIT, which is sponsored by Ascendas-Singbridge, acquired 12 logistics properties in the UK.
Ascendas-Singbridge Group is a urban development and business space solutions provider with a global portfolio of S$20 billion (US$14.6 billion). It also manages three Singapore-listed funds under its subsidiary Ascendas, as well as private real estate funds. It is jointly owned by Temasek Holdings and JTC Corp.