Ascendas to work with China's Ping An Trust on joint real estate opportunities in Asia

Business park developer Ascendas is working with China's Ping An Trust on exploring real estate opportunities in the region.

Ascendas announced in a statement released on Monday that it has signed a memorandum of understanding (MOU) with Ping An Trust.

Under the MOU, both sides will cooperate in areas such as co-investment opportunities in China and other key Asian markets, and the setting up of yuan-denominated funds.

Ping An could also look into leasing space in Ascendas' properties, the developer said.

Ascendas said that the MOU will allow it to further strengthen its position as the leading business space solutions provider in Asia.

Ascendas chief executive and president Manohar Khiatani said: "We are delighted to be establishing this partnership with Ping An Trust which provides a strong platform for future growth.

"With a proven partner in Ping An Trust, it will help strengthen our presence in China as we leverage on their deep knowledge and broad networks in identifying investment and capital raising opportunities."

Ping An Trust, a wholly-owned subsidiary of Ping An Insurance, is the largest trust company in China by registered capital.

"Ascendas has an experienced team with a proven track record in real estate investment, asset management and development management," said Ping An Trust president Song Chengli.

"We look forward to building a mutually beneficial relationship with Ascendas through its strong presence in China and other key Asian markets," he added.