Germany’s DWS Group has acquired an industrial warehouse in Singapore for an undisclosed sum, in a move that adds a “prime logistics asset” to its property portfolio in Asia.
This is DWS’s first purchase of a logistics facility in Singapore.
The 150,000-square-foot single-storey warehouse, which is currently leased to an oil and gas equipment manufacturer, is part of DWS's Asia core real estate strategy, the company says in a statement on April 23.
According to Victoria Sharpe, DWS’s head of real estate for Asia Pacific, "a robust manufacturing sector combined with limited supply made this first acquisition in Singapore logistics an attractive investment for DWS".
“In line with our Asia core real estate strategy, we are pleased to add this good quality, well located, prime logistics asset to our Asia portfolio,” Ms. Sharpe says in the statement.
DWS had 662 billion euros (US$742.32 billion) of assets under management at the end of 2018.