May 20, 2023 – CapitaLand Ascendas REIT has agreed to acquire The Shugart, an integrated high-specification research and development R&D facility and business park property, from Seagate Singapore for S$218.24 million, its manager said. The property is situated at 26 Ayer Rajah Crescent in the one-north district of Singapore.
Earlier this month, the REI’s manager proposed a private placement of new units to institutional and other investors at an issue price of between S$2.713 and S$2.769 per unit to raise gross proceeds of no less than approximately S$450.0 million. It said in a statement that the proceeds will be used for the following:
- Approximately S$139.5 million will be used to partially fund the proposed acquisition of Seagate’s Singapore R&D facility located at 26 Ayer Rajah Crescent
- Approximately S$129.9 million to partially fund the potential acquisition of an asset in a key gateway city in Europe, subject to completion of final negotiations and satisfactory due diligence
- Approximately S$64.4 million to partially finance the proposed redevelopment of a logistics property in Singapore
- Approximately S$108.5 million to be used for debt repayment purposes