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ASI seals acquisition of six Singapore shophouses

AcquisitionAberdeen Standard Investments (ASI) made its first Singapore acquisition for its global real estate portfolio with the addition of six shophouses. Located between 48 and 56 Peck Seah Street, the adjoining two-storey shophouses come with an attic level and have a total existing gross floor area of 19,938 square feet. They were acquired for approximately S$54 million (US$38.9 million). They are fully-leased to institutional tenants, “offering strong and stable income streams,” ASI said in a statement. The shophouses are located in the Central Business District near the Tanjong Pagar MRT Station. “We particularly like the finite supply of shophouses and the potential for the asset to benefit from Singapore’s 2019 Master Plan designed to rejuvenate the immediate vicinity,” said Ted Roy, deputy fund manager of ASI’s global real estate portfolio. He added: “For global investors seeking diversification, we believe that cities in the Asia Pacific region are set to experience robust growth over the next decade, fuelled by both domestic and foreign immigration to major metropolises along with continued infrastructure spend across the region. “Over the medium-term, we have particular focus on residential; urban infill and logistics which has benefited from structural changes to the retail sector; offices in key gateway cities as well as age-care in Japan.” © 2020 funds global asia

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