Ascendas-Singbridge acquires Gangnam office building

ICON Yeoksam, is held by Ascendas-Singbridge fifth office fund
(Credit: Ascendas-Singbridge)

On Sept 28, Ascendas-Singbridge, via its subsidiary Ascendas Asset Management Co., launched its fifth office fund in South Korea, Ascendas Korea Office Qualified Private Real Estate Investment Trust No. 5.

The new fund is a ten-year closed private fund with an equity of $39.6 million. It currently holds ICON Yeoksam, a mid-sized office building in the Gangnam Business District of Seoul. The 15-storey ICON Yeoksam has a gross floor area of 210,736 sq ft and comes with 74 car park lots. It was completed in October and was acquired for $124.3 million on Nov 20.

The building has attracted numerous blue-chip companies seeking to set up offices there, says William Tay, CEO of Korea operations at Ascendas-Singbridge. With this acquisition, the group has grown its Assets Under Management in South Korea to $0.8 billion, with a total lettable area of 1.3 million sq ft.

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