LaSalle Investment Management and PRUPIM Singapore - joint Managers of the award-winning Asia Property Fund, have announced they have entered an agreement with CWT in respect of a sale and leaseback of CWT Logistics Hub 2 located at 46A Tanjong Penjuru in Singapore for S$115,200,000 (approx. €49 mln.).
Andrew Heithersay, International Director and Head of Acquisitions, Asia-Pacific at LaSalle, said, "Singapore is a key global logistics hub and hosts 21 of the world's top 25 third party logistics ("3PL") operators. Given expectations that the logistics sector will grow from 8% to 13% of Singapore's GDP by 2012, coupled with the shortage of high-specification, ramp-up logistics facilities available at warehouses such as the CWT Logistics Hub 2, we anticipate solid rental and capital growth from this investment."
The Asia Property Fund offers investors the combined resources of two of the industry's most experienced property investment managers, PRUPIM and LaSalle. Together they manage a combined US$87 billion in real estate assets globally. Since its launch in December 2006, Asia Property Fund has achieved double-digit total return annual growth.
Marc Montanus, Regional Director at LaSalle, said, "The Asia Property Fund invests in a diversified portfolio of stable income producing assets in Asia-Pacific. The sale and leaseback of the Tanjong Penjuru property complements this strategy well."
Trevor Hankin, CIO for PRUPIM's Asia-Pacific business, said, "This is a significant purchase for the Asia Property Fund. We have secured exposure to Singapore's emerging logistics sector. We are confident the CWT Logistics Hub 2 will deliver strong capital and rental growth, further contributing to the Fund's continued success."