Brookfield Asset Management, a global alternative asset manager headquartered in New York, announced last Friday a S$535.3 million ($413 million) acquisition of two business parks and a high-tech industrial building in Singapore, its first investment in the city state.

Brookfield said in a statement that the assets will be acquired from Mapletree Industrial Trust, a Singapore-listed real estate investment trust (REIT) focused on investing in income-producing data centers globally and industrial properties in Singapore.

The Strategy and The Synergy business parks are located in the International Business Park, next to the Jurong Lake District, which is slated to become Singapore’s second central business district.

Woodlands Central is a high-tech industrial building complex located in the heart of the largest economic hub in the north of Singapore.

The buildings span a total gross floor area (GFA) of approximately 1.8 million square feet (SF) and are proximate to key mass rapid transit (MRT) interchange stations and major expressways, offering good access to major business centers, healthcare facilities and education hubs.

“We have strong conviction in the high-tech research and development (R&D) sector in Singapore,

“As the gateway to Southeast Asia and a major strategic manufacturing hub, Singapore and its high-tech business parks are benefiting from decades of government initiatives designed to attract and retain global multinational companies and support the growth of Singaporean companies.” Brookfield Managing Partner and Head of East Asia Real Estate Andrew Burych said.

Singapore is a key hub for Brookfield in Asia Pacific and Brookfield has had a presence in the country since 2014.

For 20 years, it has partnered with Singaporean investors who have committed to strategies across real estate, infrastructure, private equity and renewables from its funds to co-investments, co-underwrites and joint ventures.

In 2022, Brookfield and Oaktree launched their private wealth channel, Brookfield Oaktree Wealth Solutions, in Singapore.

Brookfield’s ongoing priorities in the region include investing across its three global mega themes of decarbonization, digitalization and deglobalization, putting its operational expertise to work in its portfolio companies to support their growth and identifying meaningful opportunities to partner with investors on solutions that meet their needs.

Brookfield is a global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit.

The firm invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy.

It offers a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

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