SINGAPORE: Ascendas Real Estate Investment Trust (A-REIT) has announced the proposed acquisition of a logistics property located in Sydney, Australia, for A$76.6 million (S$76.6 million), it said in a press release on Thursday (Dec 24).
The proposed acquisition will be A-REIT’s 10th logistics facility in Sydney and the 27th in Australia, it added. The property – 6-20 Clunies Ross Street – comprises a modern high clearance warehouse (36,220sqm) and a freestanding two-storey office/laboratory facility (2,359sqm) with a total gross floor area of 38,579sqm.
The proposed acquisition is expected to be completed in the first quarter of 2016, subject to clearance by the Australian Foreign Investment Review Board.
Following the acquisition, A-REIT’s weighted average lease term to expiry is expected to increase from 3.83 years to 3.85 years. It will also own a total of 102 properties in Singapore, 27 properties in Australia and two business park properties in China.
A-REIT is managed by Ascendas Funds Management, a wholly-owned subsidiary of the Singapore-based Ascendas Group and a member of the Ascendas-Singbridge Group.