Ascendas Real Estate Investment Trust is acquiring the [email protected] City business park in Singapore for S$420 million (US$299 million), Bloomberg News reported.
The REIT will acquire the property from a joint venture between Ascendas Development and Frasers Centrepoint, the report said, citing a company statement Wednesday.
[email protected] City is a nine-storey multi-tenanted business park property, with 97.1 percent occupancy.
After completion of the acquisition, Ascendas REIT will own 103 properties in Singapore, 26 properties in Australia and 2 properties in China.
In September, the REIT agreed to purchase a portfolio of 26 logistics properties in Australia from the real estate arm of Singapore sovereign wealth fund GIC and Frasers Property Australia.
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