Global investment firm Brookfield Asset Management has agreed to buy a portfolio of eight logistics and industrial properties in Singapore from ESR-REIT for S$338 million ($262 million), the alternative asset manager said on Monday.
The firm said the portfolio totals about 2.4 million square feet of gross floor area and is located in logistics and manufacturing hubs, including Jurong, Tuas, Pioneer, and Paya Lebar.
Andrew Burych, Brookfield’s managing partner and head of East Asia real estate, said the firm expects demand for prime logistics and industrial space in Singapore to remain supported by the city-state’s connectivity, infrastructure, and long-term policy direction.
“This investment also underlines our continued commitment to growing our logistics and industrial presence across Asia-Pacific,” Burych added.
The deal marks Brookfield’s second real estate investment in Singapore this year. In May, the firm agreed to buy two business parks and a high-tech industrial building for S$535.3 million, its first direct property investment in the city-state.
In November, the firm acquired Singapore-based clean energy developer Alba Renewables from SUSI Partners AG, marking the Switzerland-based energy infrastructure investor’s first exit in Asia.
Brookfield said the Alba deal is part of its first renewables investments in the Philippines, Vietnam, and Thailand, aimed at building a regional decarbonisation platform.
Brookfield Asset Management is headquartered in New York and oversees more than $1 trillion in assets under management across strategies, including real estate, credit, infrastructure, and private equity.
Brookfield also announced in October that it raised over $4 billion for its latest infrastructure debt vehicle.
The Brookfield Infrastructure Debt Fund IV, reported to have a target of at least $7 billion, secured capital from both existing and new investors, including from Asia Pacific.
The predecessor vehicle, the 2023-vintage Brookfield Infrastructure Debt III, secured $6 billion in commitments, making it the world’s largest private infrastructure debt fund at the time.
