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Nov 30, 2001 Ascendas signs joint venture with Australia′s
For Immediate Release
Ascendas signs joint venture with
Australia’s leading business space service provider
1 30 November 2001 - Leading Singapore-based business space provider Ascendas Pte Ltd has entered today into a joint venture with Australia’s leading business space service provider, Macquarie Goodman Management Limited (MGM), to explore property market opportunities in Singapore and Asia.
2 The joint venture’s scope will include exploring the potential for the establishment of a real estate investment trust (REIT) that would own selected properties from Ascendas’ portfolio in Singapore, as well as undertake joint development activities in Australia.
3 MGM is a funds management and property services company listed on the Australian Stock Exchange. It focuses on the superior delivery, ownership and management of industrial facilities, business parks and office parks. In this joint venture, MGM will draw on its extensive Australian experience and contribute funds management expertise.
4 As the Fund Manager for Australia’s largest listed industrial property trust, Macquarie Goodman Industrial Trust (“MGI”), it has funds under management of A$1.25 (S$1.16) billion. MGM’s property services team actively manages MGI’s quality property portfolio of 50 properties.
5 Macquarie Bank Ltd, a major shareholder of MGM, is Australias leading investment bank employing over 4,500 people represented in 22 international locations. Macquarie Bank has total funds under management of A$34.5 (S$32) billion. These funds include specialist infrastructure and property trusts totalling A$11.7 (S$10.85) billion of assets under management.
6 As present, MGM has approximately A$400 (S$371) million of developments in progress on behalf of MGI. The major projects under development are Campus Business Park, Homebush in NSW, GreystanesPark, Greystanes in NSW, Lidcombe Business Park, Lidcombe in NSW and Chifley Industry Park, Moorabbin in Victoria.
7 Ascendas is Asia’s leading developer,
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