Aberdeen Standard acquires first property investment in Singapore

Further expanding their real estate portfolio across the globe

Historical and colourful street in Chinatown. gnohz/Shutterstock

A report published by IPE Real Assets revealed that Aberdeen Standard Investments (ASI) has procured six adjoining shophouses along 48 to 56 Peck Seah Street in Singapore for SGD54 million (USD38.9 million).

The 1,852 square metre fully let property is ASI’s first deal in the city-state for their GDP500 million (USD648 million) global real estate fund, shortly after the acquisition of investment manager Orion Partners, known for their mastery of China, Japan, Korea, and Singapore market.

“We expanded our direct real estate capability with the acquisition of Orion Partners in February 2019, which brought in expertise in Singapore, Korea, Japan and China,” said deputy fund manager of ASI global real estate fund Ted Roy.

More: Chinese investor buys 12-unit Casa Sophia in Singapore for $29 million

“This is an excellent opportunity for us to further diversify our global fund’s Asia Pacific investment footprint. 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.”

Through ASI’s global fund, Roy shared that they have been directly investing in the Asia Pacific real estate market since 2006.

Throughout the medium-term, the fund will concentrate on residential deals, offices in premier gateway cities, age-care in Japan, and urban infill and logistics that have taken advantage of the retail sector’s structural changes.