Ascendas REIT acquires the Kendall for $112m

The properties NPI yield is 6.8%.

Ascendas REIT has acquired the Kendall in Singapore Science Park for $112m. The property was purchased from its sponsor Ascendas Group.

The Kendall is a 6-storey multi-tenanted building located within the Singapore Science Park II, and can be easily accessed via Pasir Panjang Road and the Haw Par Villa Circle Line Station.

According to OCBC, the initial NPI yield of this property works out to be 6.8%, which compares favourably against its FY15 NPI yield forecast of 6.3% for A-REIT’s existing portfolio.

"The property would be financed by existing debt facilities and is expected to increase A-REIT’s aggregate leverage slightly from 33.6% as at 31 Dec 2014 to 34.5%," stated OCBC.

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