Ascendas Reit To Buy A New Logistics Property In Sydney
July 2, 2020 — Ascendas Funds Management (S) Limited, the Manager of Ascendas Real Estate Investment Trust, is pleased to announce the Acquisition of a new logistics property to be developed on Lot 7, Kiora Crescent, Yennora, in Sydney, Australia, for A$23.5 million 1 (S$21.1 million ). The Property will be developed by Larapinta Project Pty Ltd.
Mr William Tay, Executive Director and Chief Executive Officer of the Manager said, “Despite the COVID-19 pandemic, Sydney continues to be the strongest industrial market in Australia underpinned by robust tenant demand and sustained levels of investor interest. The acquisition of this new prime grade logistics property gives Ascendas Reit greater exposure to the Sydney market and also enhances the quality of our portfolio.”
Details of the Acquisition
Perpetual Corporate Trust Limited as trustee of Ascendas Longbeach Trust No. 10 (indirectly wholly-owned by Ascendas REIT Australia) (the “Trustee”) has entered into agreements3 with the Vendor for the purchase of the freehold land at Lot 7, Kiora Crescent, Yennora and the ensuing development of the logistics property.
The Acquisition of the land has been completed and the development of the logistics property is expected to complete in the second quarter of 2021.
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