The Alpha Asia Separate Account fund, managed by Keppel, has acquired Wevolve Pte. Ltd., which holds the office and retail space of Wilkie Edge (the property), an eight-story mixed-use development in Selegie, Singapore’s prominent education district, at an aggregate consideration of S$348 million ($262 million).
The fund is a S$360 million ($271 million) separate account mandate secured by Keppel from PGGM, a cooperative Dutch pension fund service provider. The fund focuses on core-plus opportunities predominantly in commercial real estate in key cities in Japan, Singapore and China.
Christina Tan, CEO of fund management and CIO of Keppel Ltd., said, “The demand for quality commercial real estate continues to be resilient in Singapore. This acquisition of a well-located and well-built property will allow us to leverage Keppel’s strong asset management and sustainable urban renewal (SUR) expertise to future-proof the asset through our quality and innovative space
