Ascendas sets up third office fund in Korea

ASCENDAS Asset Management Co Ltd has launched its third office fund in South Korea.

Ascendas Korea Office Private Real Estate Investment Trust 3 (AKOPREIT3) is a seven-year closed private fund, which holds Jongro Place, a Grade A office building in the Seoul central business district.

AKOPREIT3 recently bought Jongro Place for S$289.6 million.

With this acquisition, the Ascendas Group has grown its assets under management in Korea by 23 per cent to KRW1.3 trillion (S$1.6 billion) from KRW1.1 trillion (S$1.3 billion).