Aberdeen Standard Investments (ASI) has paid S$54m (€36m) to buy a row of adjoining six shophouses in Singapore.

The acquisition of the assets along 48 to 56 Peck Seah Street – the first asset deal in Singapore for ASI’s £500m (€593m) global real estate fund – follows the manager’s takeover of investment manager Orion Partners which brought in expertise in Singapore, Korea, Japan and China.

ASI said the 19,938sqft property is fully-let.

Ted Roy, deputy fund manager of Aberdeen Standard Investments global real estate fund, said: “This is an excellent opportunity for us to further diversify our global fund’s Asia Pacific investment footprint.

“We particularly like the finite supply of shophouses and the potential for the asset to benefit from Singapore’s 2019 master plan designed to rejuvenate the immediate vicinity.”

Roy said Aberdeen Standard Investments has been investing in Asia-Pacific direct real estate since 2006 through its global fund.

“We expanded our direct real estate capability with the acquisition of Orion Partners in February 2019 which brought in expertise in Singapore, Korea, Japan and China.”

Over the medium-term, the fund has a particular focus on residential; urban infill and logistics which has benefited from structural changes to the retail sector; offices in key gateway cities as well as age-care in Japan, Roy said.