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Ascendas launches S$333m fund to invest in China business parks
ASCENDAS has launched its Ascendas China Business Parks Fund 4 (ACBPF 4) - worth some S$333 million - to invest in a portfolio of premium business park assets in Shanghai, Suzhou and Xi'an.
The portfolio will comprise completed properties and a development project, said Ascendas on Wednesday.
To-date, the fund has acquired the Ascendas Lotus Business Park in Zhangjiang, Shanghai; Ascendas-Xinsu portfolio in Suzhou; and Ascendas Innovation Towers development project in Xi'an.
Ascendas will hold a sponsor stake of 23 per cent in the fund; other co-investors comprise institutional investors such as bpfBouw Asia, ImmoFinRE Group and Singapore Press Holdings.
ACBPF 4 marks the latest addition to Ascendas's portfolio of real estate funds, which include Ascendas Real Estate Investment Trust, Ascendas India Trust and Ascendas Hospitality Trust.