Ascendas REIT To Acquire Philips APAC Center In Singapore
August 5, 2022 – Ascendas Real Estate Investment Trust announced its proposed acquisition of Philips APAC Center located at 622 Lorong 1 Toa Payoh, Singapore from Philips Electronics Singapore Pte Ltd which will leaseback their existing space to become the anchor tenant.
The purchase consideration for the Proposed Acquisition is S$104.8 million (US$76 million)
Mr William Tay, Executive Director and Chief Executive Officer of the Manager said, “Singapore remains a key market for Ascendas Reit, making up approximately 60% of total assets under management. The acquisition of APAC Center is a natural addition to the portfolio, strengthening our technology and biomedical customer base and improving the overall resilience of the portfolio with its high occupancy of 95.7% and long WALE of 4.5 years.”
Read more here..