Ascendas Real Estate Investment Trust (Ascendas Reit) has agreed to develop and managed the S$181.2m (€117.4m) Singapore headquarters of an online-to-offline commerce business.
Ascendas Reit’s manager Ascendas Funds Management said it has signed an agreement to design and build Grab’s new headquarters building which will be located within the one-north business park.
The building will have an estimated gross floor area of 42,310sqm and is expected to complete in the fourth quarter of 2020.
William Tay, the CEO and executive director of Ascendas Funds Management, said the long-lease commitment of 11 years by Grab will provide Ascendas Reit with a stable income stream.
The new development will take Ascendas Reit’s business and science park investments to S$3.8bn, accounting for 34% of its total portfolio value of S$11.3bn.