Developer opens two new PE funds

Singaporean business property developer Ascendas has launched two China-focused private equity funds totaling US$924 million to invest in the country's booming industrial and commercial property market, according to House Focus Net (in Chinese). The US$528 million Ascendas China Commercial Fund will target high-quality commercial properties in first-tier cities, while the company's industrial and business parks fund will mainly invest in light industrial and logistics facilities such as warehouses, distribution centers and suburban business offices. The commercial fund's seed assets include Ascendas Ocean Tower, a 25-story grade A office building in Shanghai.