Ascendas-Singbridge Group has launched its fifth office fund through its subsidiary Ascendas Asset Management Co.
The fund, named Ascendas Korea Office Qualified Private Real Estate Investment Trust No 5 (AKOPREIT5), is a 10-year closed private fund with equity of S$39.6 million ($29.23 million). The fund officially launched on Sept. 28, 2017.
AKOPREIT5 acquired ICON Yeoksam, a mid-sized office building located in the Gangnam Business District in Seoul, South Korea. The building was acquired for S$124.3 million ($91.76 million).
ICON Yeoksam comprises 15 floors with 74 car park lots. The property has a gross floor area of 210,735 square feet and construction of the building was completed in October 2017.
