PGIM’s real estate business has partnered with Northstar Capital to acquire an industrial site in western Singapore from Far East Organisation for S$121.1m (€81m).
The asset at 51 Tuas Link will be redeveloped into a five-storey logistics facility with approximately 1.1m sqft of gross floor area and will be held in the PGIM Asia-Pacific value-add strategies.
The site currently comprises two blocks of one-storey warehouses, with total land area of approximately 457,000sqft.
David Fassbender, deputy head of Asia Pacific for real estate and senior portfolio manager of Asia-Pacific value-add strategies, PGIM, said: “Amidst a rebound in real estate value, persistent supply shortages and growing demand for capital to meet sustainability requirements, value-add opportunities across Asia Pacific offer compelling potential for income growth.
“Our partnership with Northstar on the redevelopment of 51 Tuas View Link, a rare large prime logistics space in Singapore, underscores our strategy to secure investments with strong fundamentals, drive operational efficiency and create long-term value for investors.”
Bart Coenraads, co-CEO, Northstar Capital, said: “As one of the prime logistics facilities in Singapore, 51 Tuas View Link offers a combination of scale, connectivity and land tenure that makes it ideally positioned to meet the evolving needs of today’s tenants. Together with PGIM, we look forward to developing a modern, future-ready facility, contributing to the continued growth of Singapore as the region’s leading logistics hub.”
With the latest acquisition PGIM Real Estate has completed approximately US$3bn (€2.5bn) of transactions across sectors in 2025 in this region.
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