Subsidiaries of the Japanese conglomerate Sumitomo Mitsui have committed S$297m (€195m) to their first joint investment with Singapore’s ARA Asset Management.

SMFL MIRAI Partners and Kenedix have invested in the Capital Square office asset located in Singapore’s business district.

ARA, now an ESR Group company, has been managing the office building since 2016. ARA jointly owns the building with Singapore’s diversified NTUC group.

ARA said the joint investment was the first transaction by the new partnership with the two Japanese investors. Together, the partners planned to explore further investment opportunities in Asia-Pacific.

To read the latest edition of the latest IPE Real Assets magazine click here.