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.