Ascendas REIT To Acquire A Suburban Office In Sydney’s Macquarie Park
September 21, 2020 – Ascendas Funds Management (S) Limited, the Manager of Ascendas Real Estate Investment Trust (Ascendas REIT), is pleased to announce the proposed acquisition of a suburban office building, to be developed at 1 Giffnock Avenue, Macquarie Park, in Sydney, Australia (MQX4), for A$167.2 million (S$161.0 million) from Frasers Property Industrial and Winten Property Group.
The Developers will design and build MQX4.
Mr William Tay, Executive Director and Chief Executive Officer of the Manager said, “We are delighted to secure our first suburban office property in Macquarie Park, Sydney’s premier innovation location, and Ascendas Reit’s fifth suburban office asset in Australia.”
“We believe that decentralisation trends will continue to benefit Macquarie Park which has already attracted many leading companies who have set up their headquarters in the precinct. This DPU accretive investment will enhance the quality and resilience of Ascendas Reit’s Australian portfolio further given its excellent location and sustainable building design.”
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