03 Aug '18, 9am

Singapore’s Ascendas Reit acquires Australian property for $25m https://t.co/KCiFSRbXuy

Singapore’s Ascendas Reit acquires Australian property for $25m https://t.co/KCiFSRbXuy

Ascendas Reit , Singapore’s first and largest listed business space and industrial real estate investment trust, has announced its acquisition of Cargo Business Park , a logistics property located in Brisbane, Australia, for A$33.5 million ($25 million). In a statement, Ascendas Reit said it will acquire the property, which is 87.4 per cent occupied, from TS1 Pty Ltd based on the market valuation of the property, which was A$33.5 million as at July 31. Located at 56 Lavarack Avenue in Brisbane, Cargo Business Park is nearly 90 per cent occupied, with TS1, the vendor, providing a 12-month rental guarantee for the vacant spaces. Some of the tenants in the property include Commonwealth of Australia (Bureau of Meteorology), Asics and Nike. It also has a retention rate of approximately 78 per cent. Cargo Business Par comprises one four-storey and two 3-storey buildings that sit...

Full article: https://www.dealstreetasia.com/stories/ascendas-reit-carb...

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