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

Jongro Place, a 14-storey Grade A office building in CBD, was recently acquired by the new fund for S$289.6m

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Jongro Place, completed five years ago, has large floor plates and a 2.7-metre ceiling height, with 202 car park lots. The property has a total net lettable area of 23,000 square metres, and enjoys a 97 per net occupancy rate

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