Singapore-based Ascendas-Singbridge Group has made its entry investment in the US with the acquisition of a 33-office portfolio.
Ascendas-Singbridge said the office buildings with a total net lettable area of 3.3m square feet are located in the innovation hubs of San Diego, Portland and Raleigh. Financial details were undisclosed.
The group will also open a regional office in San Francisco to provide asset management, business development and related services in the US.
He Jihong, the group’s CIO, said: “This acquisition is in line with the group’s strategy to widen our footprint in deep and mature markets such as the US and Europe.
“We focus on locations with favourable long-term fundamentals and will continue to seek out opportunities that will allow us to benefit from advances in science, technology and innovation in the future economy.”
Ascendas REIT, part of Ascenda-Singbridge recently expanded in the UK with the acquisition of the acquisition of 12 logistics properties for £207.27m.