Ascendas-Singbridge expands into US with 33 office acquisitions
The properties have a total net lettable area of about 3.3 million sq ft.
Ascendas-Singbridge acquired a portfolio of 33 high-quality office properties in its first foray into the US market, an announcement revealed.
This transaction follows the group’s entry into Europe through buying 12 logistics properties in the United Kingdom back in August.
Also read: Ascendas REIT’s proposed UK acquisitions could lift income
With a total net lettable area of approximately 3.3 million sq ft, the US properties are built on freehold land and are centrally located near major freeways, airports and mass transit, as well as retail outlets and amenities. They also recorded high occupancy rates with high-profile tenants such as 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,” Ascendas-Singbridge group CIO He Jihong commented.
The group announced that they will establish a regional office in San Francisco to address the growth of its network and scale in the US market. The office will then provide key functions such as asset management, business development, as well as related services in the US.
“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,” He said.
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