The 403,000 square-foot grade-A logistics facility, located in the Jurong industrial precinct, is its third acquisition under its Asia core real estate strategy.
DWS, the asset manager spun off by German lender Deutsche Bank in 2018, has added a warehousing facility close to the upcoming Tuas Megaport in Singapore to its portfolio for an undisclosed sum, the firm announced in a statement on Wednesday.
The building located at 11 Sunview Way, built in 2012, is currently occupied solely by XPO Logistics, a global top 10 transportation and third-party logistics services provider, which uses it as its APAC headquarters.
«Singapore’s industrial sector has shown resilience in periods of slow growth thanks to growing ecommerce trends and changing demographics,» Kian-Fong Lim, DWS head of transactions, Southeast Asia, said about the purchase.
Third Acquisition
«Given the strength of the asset, location and tenant profile, we expect this acquisition to deliver long-term stable cash returns for our investors in line with our Asia core real estate investment strategy,» said David Edwards, DWS portfolio manager.
The acquisition for the strategy follows the 2019 purchases of the Coles logistics facility in Brisbane, Australia, and another logistics facility in Singapore.
DWS has €700 billion of assets under management (as of 31 March 2020), and its real estate business has more than 450 employees around the world and almost €65 billion in assets under management as of December 31, 2019.
