On behalf of its Asia Pacific core real estate strategy, PGIM Real Estate recently completed the acquisition of Luxasia Building, a six-story industrial asset located in Paya Lebar iPark, Singapore. PGIM Real Estate is the real estate investment and financing business of PGIM, the US$1.4 trillion global investment management business of US-headquartered Prudential Financial, Inc. (NYSE: PRU).
Part of a centrally located industrial park, Luxasia Building offers users close proximity to key commercial districts in addition to immediate access to metro lines, expressways and neighborhood amenities. The property features integrated industrial and office spaces, which reduces transportation and logistics costs for tenants that require both property types in the same location.
“Luxasia Building is one of Singapore’s prime industrial assets, with a strategic location that has made it ideal for consumer product and lifestyle-oriented tenants,” said Benett Theseira, PGIM Real Estate’s head of Asia Pacific. “Demand for modern industrial space in the central region of Singapore is particularly strong because of the lack of quality supply in areas that offer connectivity—a dynamic that we expect will continue long term.”
The property is a five-minute walk from the Tai Seng MRT Station, which is connected to three key MRT interchanges with short travel distances to the downtown area and other business districts. Luxasia Building is well situated within the Paya Lebar submarket, which has been growing as a commercial hub, as well as a well-established industrial and residential precinct.
The transaction comes on the heels of other high-profile acquisitions that PGIM Real Estate has closed in Asia Pacific recently as part of its Asia Pacific core real estate strategy, such as Riverside Shinagawa Konan, a 10,077-square-meter office building located in the Shinagawa area of Tokyo. Riverside Shinagawa Konan is fully occupied by a diverse mix of office tenants across its eight stories and benefits from its position in one of Tokyo’s most active submarkets.