Ascendas REIT Acquires Two San Francisco Office Properties For S$768 Million (US$560 Million)
November 10, 2020 – Ascendas Real Estate Investment Trust REIT (REIT) announced the proposed acquisition of two offices located in San Francisco, the United States.
The acquisition price was set at US$560.2 million (S$768.0 million). The property was acquired from B505 Industries, LLC and ARE-San Francisco No. 47, LLC.
The properties are located at 510 Townsend Street and 505 Brannan Street in the South of Market (SoMa) submarket.
William Tay, Executive Director and Chief Executive Officer of the Manager said, “This acquisition allows us to plant a foothold in San Francisco, one of the most dynamic and progressive cities in the US.”
He said the properties were completed in 2017 and are fully leased to two high quality technology tenants, Stripe and Pinterest, for a WALE (weighted average lease expiry) of 9.1 years.
The office properties are strategically located in San Francisco. San Francisco is the centre of technology and life sciences in the US.
Google and Facebook are some of the renowned companies with headquarters or regional offices there.
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