Aberdeen Standard Investments acquire first Singapore asset for global real estate portfolio

Aberdeen Standard Investments has acquired a row of six adjoining shophouses at 48–56 Peck Seah St. in Singapore for S$54 million ($39 million).

The acquisition was the company’s first in Singapore for its global real estate portfolio. Located in the prime central business district near the Tanjong Pagar MRT Station, the Peck Seah Street shophouses span two stories and an attic level. The property has a total existing gross floor area of 19,938 square feet and is fully leased.

Ted Roy, deputy fund manager of ASI’s global real estate fund, said, “This is an excellent opportunity for us to further diversify our global fund’s Asia Pacific investment footprint. We particularly like the finite supply of shophouses and the potential for the asset to benefit from Singapore’s 2019 Master Plan designed to rejuvenate the immediate vicinity.”

Aberdeen Standard Investments has been investing in Asia Pacific direct real estate since 2006 through its global fund