M&G Real Estate has expanded its portfolio in Singapore with a S$400m (€258.7m) business park acquisition.
The manager, on behalf of its core Asian property strategy, has agreed with Asia-based urban and infrastructure consulting firm Surbana Jurong to forward fund the acquisition of its new global headquarters Surbana Jurong Campus.
The deal is M&G Real Estate’s first business park office investment in Singapore. As at 30 September 2018, the Singapore office managed US$5.8bn (€5.09bn) in assets.
The Surbana Jurong Campus will be developed by Surbana Jurong Capital on a land parcel acquired by M&G Real Estate. Upon its completion, the asset will be leased to Surbana Jurong on a long-term basis.
Richard van den Berg, the manager of M&G Real Estate’s core Asian property strategy, said: “The property is backed by a top-tier tenant and is well positioned to benefit from government-driven initiatives to develop high value-adding industries in this new business district.”
Chiang Ling Ng, CEO and CIO of M&G Real Estate in Asia, said: “This acquisition underscores our ability to truly understand our clients’ preferences and needs to create opportunities that work for them and to source and structure high quality investments for our investors.”