DWS has acquired a warehouse asset in western Singapore, marking its first major logistics acquisition of the year.
The deal also marks the firm’s third acquisition under its Asia core real estate strategy.
The financial terms were not disclosed.
“Singapore’s industrial sector has shown resilience in periods of slow growth, thanks to growing e-commerce trends and changing demographics,” said Kian-Fong Lim, DWS head of transactions, Southeast Asia.
The 403,000-square-foot property is located in Jurong. The four-story warehouse and ancillary office space serves as the APAC headquarters for its sole tenant, 3PL operator XPO Logistics.
The acquisition follows the strategy in the 2019 purchases of the Coles logistics facility in Brisbane, Australia, and another logistics facility in Singapore.
