A joint venture between Hines and global real estate investment manager DWS has acquired Bukit Batok Connection, a 378,000-square foot industrial asset in Singapore.
The asset was acquired from the portfolio of Soilbuild Business Space REIT, an industrial trust which Blackstone and Soilbuild privatized.
Rising nine-stories, Bukit Batok Connection is Hines’ tallest logistics asset, and is located in Jurong East in Western Singapore, adjacent to highly populated residential neighborhoods making this a superior location for last-mile logistics companies to expand their operations in Southeast Asia’s wealthiest city.
This multi-story center features six-meter floor heights, ramp access to every floor and unit with capacity for cars, vans and trucks up to 20-feet. In addition, tenants will have access to two elevator lobbies at both ends of the floorplan.
The property is currently almost 100% occupied with 55 tenants representing a diversified pool of industries.
“We are thrilled to establish the Hines brand in Singapore, and finally a firm APAC presence with at least one project underway in all the gateway markets within the region,” said Kian Fong Lim, managing director and country head for Singapore at Hines. “Industrial is a growing asset sector for APAC and we look forward to broadening our portfolio in Singapore beyond logistics to also include multifamily, office and retail.”
The asset was acquired on behalf of DWS’ institutional, Asia-focused core real estate strategy and marks the third acquisition for the business in Singapore.
Christopher Kimm, Head of Real Estate, Asia Pacific at DWS said: “The relative resilience of Asia Pacific logistics along with the property’s strong Buki Batok submarket location make this an attractive acquisition with the potential to deliver stable income yields for our investors.”