CapitaLand Ascendas REIT to divest Australia property for $90m

It aims to earn a net proceed of $83.4m from divestment.

CapitalLand Ascendas REIT Management Limited announced the divestment of its logistics property in Queensland, Australia, for a sale consideration of $90m.

The divestment of the 95 Gilmore Road property is part of CLAR’s ongoing divestments with $396m in the fourth quarter, said William Tay, CLAR executive director and CEO in a bourse filing.

The firm expected to earn a net proceed of $83.4m from this divestment, which it will use for financing committed investments, paying debt, extending loans to subsidiaries, funding capital needs, or making distributions to unitholders, it said.

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