Ascendas buys fifth office asset in Seoul, sets up new fund

Singapore

ASCENDAS' fully owned subsidiary Ascendas Asset Management Co Ltd has launched its fifth office fund in South Korea.

Ascendas Korea Office Private Real Estate Investment Trust 3 (Akopreit 3) is a seven-year closed private fund which holds Jongro Place, a 14-storey freehold Grade A office building in the Seoul CBD that was recently acquired by the newly minted fund for S$289.6 million.

The total equity raised for this sin…