S-REITs’ Recent Acquisitions Further Entrench Diversity (Business Times)
August 16, 2021 – In the first seven months of 2021, S-Reits have announced asset acquisitions exceeding S$7.5 billion in total purchase consideration.
Several acquisitions announced during the period were in assets such as data centres, logistic warehouses, and office buildings.
In addition, the majority of acquisitions that were announced were outside of Singapore, further entrenching Singapore’s position as a global Reit hub – over 80 per cent of S-Reits’ portfolios have assets that are internationally diverse.
Recent S-Reit acquisitions that were announced in the month of July totalled S$323 million in purchase consideration and were by Ascendas India Trust, Keppel DC Reit , Keppel Pacific Oak US Reit, and Mapletree Logistics Trust Mapletree.
Three out of four were overseas acquisitions and two out of four were data-centre-related acquisitions.
Ascendas India Trust announced on July 5 that it will invest an estimated S$217 million to develop and operate Phase 1 of its first fully-fitted data centre campus in Airoli, a growing data centre hub in Navi Mumbai, in India.
As such, it has announced that it will acquire a 6.6-acre greenfield site for the development which will comprise two buildings. The first building will have a built-up area of about 325,000 sq ft and is scheduled to be ready by Q2 2024.
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