UBS Asset Management receives $550m mandate

UBS Asset Management’s Real Estate & Private Markets business in Singapore has been awarded a real estate mandate by the Boustead Development Partnership, a joint venture between the Abu Dhabi Investment Council and developer Boustead Projects Ltd., to manage an equity commitment of S$250 million ($170 million) to be invested into the development and redevelopment of new industrial facilities in Singapore. Once fully invested and leveraged, the investment portfolio will be worth in excess of S$800 million ($550 million).

The new mandate is the second to be awarded to REPM’s Asia Pacific Real Estate business by the sovereign wealth fund, and S$119 million ($83 million) has been committed already across four projects, of which two have been completed. One of the initial investments was the new regional headquarters for GlaxoSmithKline, which was completed in November 2016. The 154,462-square-foot asset is located in the One North precinct, an area in the