HSBC Institutional Trust Services accomplishes disposal of Plot 1 Assets for $103.6m

This is in connection with the proposed redevelopment of 1 Science Park Drive.

Ascendas Funds Management (S) Limited revealed that HSBC Institutional Trust Services, as a trustee of Ascendas REIT, has completed the disposal of the Plot 1 assets.

The divestment was made to SPRINT Plot 1 TM Pte. Ltd. for a consideration of $103.16m, excluding goods and services tax. 

The purpose of this disposal is for the proposed redevelopment of 1 Science Park Drive into a life science and innovation campus with CapitaLand.

In accordance with the Trust deed, Ascendas Funds Management will be paid a divestment fee of 0.5% of the Consideration, or equal to $515,800. This will be done through the form of units in Ascendas REIT issued to the Manager, which shall not be sold with 1 year from the date of issuance.