UBS Asset Management’s real estate and private markets business in Singapore has won a $250 million sovereign wealth mandate. What are the details?
The Boustead Development Partnership fund is a joint venture between the Abu Dhabi investment council and developer Boustead Projects Limited.
This mandate is the second to be awarded to UBS Asset Management real estate and private markets (REPM) by the sovereign wealth fund. Already, $119 million has been committed to four projects, two of which, a new regional headquarters for GlaxoSmithKline and a research facility and business park in central Singapore, have already been completed.
The $250 million equity will be invested into development and redevelopment of industrial facilities in Singapore and, once completed, the investment portfolio is expected to be worth over $800 million, according to a report in the «Business Times»
«We are continuing to see strong interest for real estate investment in our priority markets of Japan, Australia, China and Singapore, as well as demand from Asia Pacific investors seeking exposure to Europe, the US and emerging markets such as Brazil,» said Graham Mackie, (pictured) Head of Real Estate for UBS Asset Management REPM in the Asia Pacific region.
Last year UBS Asset Management and CBRE Clarion Securities launched the UBS Clarion Global Infrastructure Securities Fund designed to provide access to investments with a combination of stability, income and growth that can benefit investors by providing easy access to the infrastructure market and enhanced diversification.
