SEOUL: Ascendas Asset Management launched its third private real estate fund in South Korea, the Ascendas Korea Office Private Real Estate Investment Trust 3 (AKOPREIT3), according to a news release by the company.
AKOPREIT3 is a seven-year closed private fund that holds Jongro Place, a Grade A office building in the central business district of Seoul, South Korea that was recently acquired for $289.6m.
Jongro Place comprises 14 floors and has total net lettable area of 93,000 sq m. It is currently enjoying a 97% occupancy rate, and its anchor tenants include Korea e-commerce operator Coupang and global banking group Citigroup. With the Jongro Place acquisition, the company’s Korea assets have been boosted by 23% from $1.3b to $1.6b.
“Seeing the strong institutional investor demand for Asian core real estate exposure, Ascendas is exploring further investments in Grade A office buildings in key gateway cities in the region through its private funds,” stated the news release.
