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Ascendas China Business Parks Fund 4 launched
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ASCENDAS, Asia’s leading business space solutions provider, has announced the final closing of its Ascendas China Business Parks Fund 4 at S$333 million (US$266 million).
The fund will invest in a portfolio of premium business park assets in Shanghai, Suzhou and Xi’an. The portfolio will comprise completed properties and a development project. To date, the Fund has acquired Ascendas Lotus Business Park in Zhangjiang, Shanghai; Ascendas-Xinsu portfolio in Suzhou and Ascendas Innovation Towers development project in Xi’an.
Ascendas will hold a significant sponsor stake of 23 percent in the Fund and the other co-investors comprise institutional investors, including major European pension funds and Singapore institutions, such as bpfBouw Asia, ImmoFinRE Group and SPH.
“As China’s economic development progresses towards higher value-added activities, it presents attractive opportunities to participate in the growing business park sector in key cities,” said Manohar Khiatani, Ascendas President & Group CEO. “The business park sector in the identified cities will also benefit from the improved infrastructure network as well as the growing trend of companies looking at business parks to optimize their space usage.”
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