Ascendas REIT to acquire Philips APAC Center for $104.8m
More than two-thirds of the property’s gross floor area will be leased to Philipps.
Ascendas REIT has proposed to acquire Philips APAC Center at 622 Lorong 1 Toa Payoh for $104.8m.
The purchase of the property will be funded through the REIT’s internal resources and/or existing debt facilities.
As of 30 June, the property is leased to four tenants and has an occupancy rate of 95.7% and a long WALE of 4.5 years.
After the acquisition, more than two-thirds of the property’s gross floor area (GFA) will be leased back to Philipps, a health technology company listed in Amsterdam and New York. It will serve as the company’s APAC headquarters with a focus on its healthcare and technology business.
Ascendas REIT said it also plans to attain a BCA Green Mark GoldPlus certification for the property after completion of its acquisition.