Brookfield Asset Management, the global alternative asset manager, has marked its first investment in Singapore with the acquisition of two business parks and a high-tech industrial building for S$535.3 million ($413 million), according to an announcement on Friday.
The assets will be acquired from Mapletree Industrial Trust, a Singapore-listed REIT focused on investing in income-producing data centres globally and industrial properties in Singapore.
“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,” said Brookfield Managing Partner and Head of East Asia Real Estate Andrew Burych.
Singapore is a key hub for Brookfield in Asia Pacific, and the firm has maintained a presence in the country since 2014. Over the past 20 years, Brookfield has partnered with Singaporean investors who have committed to strategies across real estate, infrastructure, private equity, and renewables. This ranges from its funds to co-investments, co-underwrites, and joint ventures.
In 2022, Brookfield and Oaktree launched their private wealth platform, Brookfield Oaktree Wealth Solutions, in Singapore.
The asset manager is focused on three global mega themes of decarbonisation, digitalisation and deglobalisation.
Brookfield has over $1 trillion of assets under management and over 2,000 investments globally, according to its website. The investment firm holds a strong position as the largest LP in each of its funds, investing through its balance sheet.
