CapitaLand Ascendas REIT completes acquisition of 5 Science Park Drive

Part of $500 million private placement deployed.

CapitaLand Ascendas REIT Management, the manager of CapitaLand Ascendas REIT (CLAR), has announced the successful completion of the acquisition of the business space property at 5 Science Park Drive.

This acquisition is part of CLAR’s broader strategic plan to strengthen its portfolio with high-quality business space and data centre assets. The Manager also confirmed that further updates will be provided upon completion of the proposed acquisition of the data centre located at 9 Tai Seng Drive.

The acquisition has been partially funded through proceeds raised via CLAR’s earlier $500m Private Placement exercise. As of now, approximately $223.7m has been utilised. The remaining $276.3m of the proceeds is yet to be deployed.

Of the proceeds, $137.1m (representing 27.4% of the gross amount raised) has been used to partially fund the acquisition of 100% interest in 5 Science Park Drive.

In addition, $81.6m has been allocated toward debt repayment, including borrowings previously drawn for investments, developments, and/or asset enhancement initiatives.

Approximately $5m has been used to cover estimated fees and expenses related to the Private Placement, including professional fees incurred or to be incurred by CLAR. This leaves a balance of $0.8m under this category.

Meanwhile, the largest allocation of $275.5m has been earmarked to partially finance the proposed acquisition of the 9 Tai Seng Drive data centre.

As of this announcement, none of these funds have yet been utilised, and the full amount remains available for deployment upon completion of the acquisition.