trending Market Intelligence /marketintelligence/en/news-insights/trending/X3-wiaUku2fDe5ZGqFl7EQ2 content esgSubNav
In This List

Ascendas-Singbridge adds S$124M asset to 5th fund's portfolio


S&P Capital IQ Pro | Unrivaled Sector Coverage


S&P Capital IQ Pro | Powering Your Edge

S&P Capital IQ Pro | Powered by Expert Insights


Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud

Ascendas-Singbridge adds S$124M asset to 5th fund's portfolio

Singapore's Ascendas-Singbridge Group added an office building in Seoul to the portfolio of its recently launched office fund in South Korea, Deal Street Asia reported.

ICON Yeoksam, a mid-sized building in the city's Gangnam business district, was purchased Nov. 20 for S$124.3 million, according to the report.

The asset was included in the portfolio of Ascendas Korea Office Qualified Private Real Estate Investment Trust No. 5, a 10-year closed private fund with S$39.6 million in equity. Ascendas-Singbridge's fifth fund was launched Sept. 28 through its subsidiary, Ascendas Asset Management Co. Ltd., the news agency noted.

With the property's inclusion, the Singaporean investor's assets under management in South Korea grew to 700.00 billion won, the Nov. 21 report added.

As of Nov. 21, US$1 was equivalent to S$1.35 and 1,089.38 South Korean won.