CapitaLand Ascendas REIT to acquire Tuas logistics asset for $134m

Fully occupied site has 6.5% post-transaction NPI yield.

CapitaLand Ascendas REIT (CLAR) will acquire 5 Tuas Avenue 5 from heavy logistics firm Hup Hin Transport Co Pte Ltd for $133.9m.

In a statement, the purchase consideration was negotiated on a willing-buyer and willing-seller basis and will be paid in cash.

The price represents a 1.5% discount to the property’s independent market valuation of $136m as of 1 February 2026.

The total investment cost is estimated at $136.5m, comprising the $133.9m purchase consideration, a $1.3m acquisition fee payable to the manager, CapitaLand Ascendas REIT Management Limited, and other transaction-related fees and expenses.

The property is a seven-storey modern ramp-up logistics asset, completed in 2021, with a gross floor area of 50,160 square metres.

The site is fully occupied by four tenants, including Hup Hin Transport. Upon completion, it will have a weighted average lease expiry of five years, with annual rental escalation of 2% under a triple-net lease structure.

The first-year net property income yield is estimated at 6.6% before transaction costs and 6.5% after transaction costs.

CLAR said that following the transaction, its logistics portfolio across Singapore, Australia, the US, and the UK will rise to about $4.9b, accounting for around 26.2% of its total portfolio value of $18.7b.

The REIT recently completed an acquisition of a 49% interest in a data centre in Greater Osaka, Japan.

The manager intends to fund the acquisition through a combination of net proceeds from the equity fundraising completed in April 2026 and debt financing.

The acquisition is expected to be completed by the second half of the year.

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