Singaporean Ascendas Pte Ltd. said on Tuesday that it has set up a funding program with a target size of SGD600 million (USD481.6 million). Reuters said in a report that Ascendas' fund will be used to invest in Indian real estate, focusing on business space.
Ascendas is Asia's leading provider of business space solutions, its website said. Aside from its strong regional presence, the warehouse and industrial park developer has a global clientele across 10 countries including India, South Korea and Australia. The company has a total of SGD14 billion assets under management and 52.7 million sq. ft. area under management, based on its latest financial report.
Ascendas created its first business space trust in November 2002, the Ascendas Real Estate Investment Trust, it said. According to Reuters, the company's Asia-listed Indian funds include the Ascendas India Trust and Ascendas India Development Trust.
Meanwhile, the Government of Singapore Investment Corporation (GIC Pte Ltd.) is a principal investor in the program, Reuters said.
GIC is Singapore's sovereign wealth fund. The Economist, citing Morgan Stanley, estimates its assets at USD330 billion.
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