Ascendas-Singbridge said on Friday that it acquired a portfolio of 33 office properties in the U.S. in its first foray into that geography.
The office properties have a total net lettable area of 3.3 million square feet and are located in Portland, Raleigh and San Diego, the sustainable urban development and business-space services provider said in a press release on Friday.
The company said it marked another expansion of overseas interests after Ascendas REIT, of which it is the sponsor and substantial unitholder, acquired 12 U.K. logistics properties in August in its maiden foray into Europe.
“This acquisition is in line with the group’s strategy to widen our footprint in deep and mature markets such as the U.S. and Europe,” He Jihong, Ascendas-Singbridge CIO said in the statement.
“Strategically located in concentrated clusters across three high-growth and technology-centric submarkets, the portfolio provides significant scale to tap on key growth drivers in the U.S. economy. 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.”
It added that the properties have a high occupancy rate and high-profile and quality tenants which are well-diversified across industries including technology, internet, aerospace and biotech, including Fortune 500 companies such as Nike and Oracle.
Ascendas-Singbridge said it would also establish a regional office in San Francisco to expand its network and scale in the U.S. and to provide asset management, business development and related services in the U.S.
The group, which has a global portfolio of assets under management exceeding S$20 billion, is jointly owned by Singapore state-owned investment company Temasek Holdings and JTC Corp. in a 51:49 partnership, it said.
Its subsidiary Ascendas manages three Singapore-listed funds, Ascendas REIT, Ascendas India Trust and Ascendas Hospitality Trust, as well as a series of private real-estate funds, it said.