Ascendas holds US$266m final close
Singapore-based real estate developer and fund manager Ascendas has announced the final closing of its Ascendas China Business Parks Fund 4. The value-added fund raised S$333 million (US$266 million) in equity commitments.
ACBPF 4 will invest in a portfolio of premium business park assets in Shanghai, Suzhou and Xi’an. To date, the fund’s portfolio consists of Ascendas Lotus Business Park in Zhangjiang, Shanghai; Ascendas-Xinsu portfolio in Suzhou; and Ascendas Innovation Towers development project in Xi’an.
Ascendas will hold a significant sponsor stake of 23 percent in the fund, and the other co-investors — comprised of institutional investors, including major European pension funds and Singapore institutions, such as bpfBouw Asia, ImmoFinRE Group and Singapore Press Holdings — will retain the remaining stake.