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CapitaLand Ascendas REIT Sells Singapore’s KA Place For S$35.38 Million

CapitaLand Ascendas REIT Sells Singapore’s KA Place For S$35.38 Million

April 22, 2023 – CapitaLand Ascendas REIT (CLAR) has sold KA Place, 159 Kampong Ampat in Singapore to KA Place SPV 1 Pte. Ltd. for S$35.38 million.

The sale represents a 219% premium to the original March 2005 purchase price of S$11.1 million and a 55% premium to the market valuation of the property of S$22.8 million 1 as of December 31, 2022. The divestment is not expected to have any material impact on CLAR’s net asset value and distribution per unit for the financial year ending December 2023, the manager said, adding that the capital will be redeployed towards value-adding opportunities.

KA Place, 159 Kampong Ampat is a 7-storey high-specification industrial building with a car park on the second storey. The property has a total gross floor area of 10,163 sqm and lease tenure of about 35 years.