Ascendas launches third office space fund in Korea

It holds recently acquired $289.6m Jongro Place.

Ascendas Asset Management launched its third private real estate fund in South Korea, the Ascendas Korea Office Private Real Estate Investment Trust 3 (AKOPREIT3), according to a news release by the company.

AKOPREIT3 is a seven-year closed private fund that holds Jongro Place, a Grade A office building in the central business district of Seoul, South Korea that was recently acquired for $289.6m.

Jongro Place comprises 14 floors and has total net lettable area of 93,000 sq m. It is currently enjoying a 97% occupancy rate, and its anchor tenants include Korea e-commerce operator Coupang and global banking group Citigroup.

With the Jongro Place acquisition, the company’s Korea assets have been boosted by 23% from $1.3b to $1.6b.

“Seeing the strong institutional investor demand for Asian core real estate exposure, Ascendas is exploring further investments in Grade A office buildings in key gateway cities in the region through its private funds,” stated the news release.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit