A joint venture between DWS and real estate firm Hines has acquired Bukit Batok Connection, a 378,000-square-foot industrial asset, from the portfolio of Soilbuild Business Space REIT, an industrial trust that Blackstone and Soilbuild privatized.

Rising nine-stories, Bukit Batok Connection is Hines’ tallest logistics asset, and is located in Jurong East in Western Singapore, adjacent to highly populated residential neighbourhoods making it a superior location for last-mile logistics companies to expand their operations in Southeast Asia’s wealthiest city.

This multi-story centre features six-metre floor heights, ramp access to every floor and unit, with capacity for cars, vans and trucks up to 20 feet. In addition, tenants has access to two elevator lobbies at both ends of the floorplan. The property is currently almost 100% occupied with 55 tenants representing a diversified pool of industries.

The asset was acquired on behalf of DWS’ institutional, Asia-focused core real estate strategy and marks the third acquisition for the business in Singapore. 

Christopher Kimm, head of real estate for Asia-Pacific at DWS, says: “The relative resilience of Asia-Pacific logistics, along with the property’s strong Buki Batok submarket location make this an attractive acquisition with the potential to deliver stable income yields for our investors.”