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Ascendas REIT eyes divestment of business park property
It could gain $24.6m from the transaction.
Ascendas REIT announced that is plans to divest its No. 13 International Business Park property for $24.6m.
According to OCBC Investment Research, it has entered into a sale and purchase agreement with Pension Real Estate Singapore Pte Ltd.
Analyst Wong Teck Ching Andy said the net proceeds came in higher than its purchase price of $20.0m and the last independent valuation of $22.4m and is in-line with the trust's capital recycling strategy.
The property is a seven-storey business park building with a GFA of 10,116 sqm and occupancy of only 39.6%, as at 30 Jun 2017. It is ~10.7 years old and has a remaining land lease tenure of 47 years.
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