News

Commercial Property

Staff Reporter

, Singapore

Published:

3 years ago

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Photo from Ascendas REIT

Ascendas REIT to acquire cold storage facility at 1 Buroh Lane for $191.9m

The acquisition will be funded through internal resources and/or existing debt facilities.

Ascendas Real Estate Investment Trust (Ascendas REIT) will be acquiring a cold storage facility at 1 Buroh Lane for a purchase consideration of $191.9m.

The acquisition will be funded through internal resources and/or existing debt facilities.

The five-storey ramp-up logistics distribution centre is the REIT’s first cold storage facility investment in Singapore.

According to the REIT’s manager, the property has a long weighted average lease to expiry of 7.0 years and is fully occupied by five well-established tenants including a supermarket chain and leading distributors of fruits and vegetables.

The REIT’s manager said the acquisition is distribution per unit (DPU) accretive.

“The estimated net property income (“NPI”) yield for the first year post-acquisition is approximately 7.0% and 6.9% pre-transaction costs and post-transaction costs, respectively,” the manager added.

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