PGIM Real Estate acquires Singapore food storage, distribution center
PGIM Real Estate has completed the acquisition of a food storage and distribution center at 1 Buroh Lane in Singapore, on behalf of a pan-Asia value-add fund it manages for institutional investors. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc.
1 Buroh Lane is a multi-temperature controlled food storage and distribution center comprising approximately 60,000 square meters across five levels of high-specification warehouse space. The center includes freezer and refrigerated facilities and three levels of mezzanine office areas. Completed in January 2016, the property has secured a significant long-term anchor tenancy from one of the largest supermarket chains in Singapore.
The property is situated within the Jalan Buroh food zone. It is within a key logistics cluster of the Jurong Industrial Estate, Singapore’s largest. It benefits from proximity to Jurong Port, the International Business Park, Jurong Island and the Port of Singapore Authority Terminals. The location also offers access to Singapore’s Central Business District and Changi Airport via major highways.
“This acquisition represents an excellent opportunity to acquire a well-located, high-quality and sizable logistics asset in a very specialized logistics area,” said Benett Theseira, head of Asia Pacific for PGIM Real Estate. “We believe that the demand for food storage and distribution facilities will continue to be resilient.”
As of March 31, 2017, PGIM Real Estate has $65.9 billion in gross assets under management, while PGIM has $1 trillion in assets under management.