DWS is expanding its Singapore logistics footprint with the acquisition of a 403,000sqft facility.
The manager, on behalf of its Asia core real estate strategy, has bought the logistics asset in Jurong for an undisclosed sum.
The latest deal is the third acquisition for the strategy and follows last year’s purchase of the Coles logistics facility in Brisbane, Australia, and a logistics facility in Singapore, DWS said.
The Jurong building, purpose-built in 2012, serves as the APAC headquarters for a global third-party logistics operator.
Kian-Fong Lim, head of transactions, South East Asia for DWS, said: “Singapore’s industrial sector has shown resilience in periods of slow growth thanks to growing e-commerce trends and changing demographics.
“These attributes reflect positively on quality logistics such as 11 Sunview Way despite the challenging environment.”
David Edwards, portfolio manager at DWS, said: “Given the strength of the asset, location and tenant profile, we expect this acquisition to deliver long term stable cash returns for our investors in line with our Asia core real estate investment strategy.”