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

The new mandate is the second to be awarded to REPM’s Asia Pacific Real Estate business by the sovereign wealth fund. S$119 million (US$83 million) has already been committed 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 two latest investments, agreed in January 2017, included a nearly 40,000 square metre mixed-use development located at Mediapolis, in Singapore’s One North precinct, and Continental Building Phase 3, an 11,000 square metre research and development centre located in Kallang iPark, which will be developed for Continental Automotive Singapore Pte Ltd. Both have targeted completion dates in 2018.