ASIA NEWS: Ascendas makes $1.4bn Asia play

Ascendas-Singbridge, the Singapore-based real estate developer and fund manager, is coming to market with its maiden pan-Asia commercial private equity real estate vehicle.

The Ascendas Asia Pacific Core Office Fund will be the most ambitious vehicle ever raised by the firm in the unlisted funds space. According to sources familiar with the fund launch, the firm is aiming to raise around S$2 billion (1.32 billion; $1.44 billion) initially for the vehicle, which will be open-ended in nature. The fund’s capital would be invested in long term income-producing assets in the central business districts of Australia, Singapore, Japan and South Korea.

Ascendas-Singbridge has successfully raised country-specific vehicles in markets such as China and India but the fund sizes dwarf in comparison to the initial target size of the forthcoming regional vehicle. A first close of $500 million for Ascendas Asia Pacific Core Office Fund is expected to be held by June this year.