11 Feb '11, 3am

A-REIT to purchase commercial property in China

SINGAPORE: Mainboard-listed Ascendas REIT (A-REIT) said it will buy a commercial property in China for S$117.6 million from Hyday Holding. Located at the Jinqiao Export and Processing Zone in the Pudong New District of Shanghai, the almost 32 thousand square metre site is about 30 kilometres away from Pudong International Airport. A-REIT said Jinqiao is a preferred zone for many multi-national companies looking to set up research and development as well as technology support facilities and corporate headquarters within one location. For A-REIT's investors, the trust said it is a yield accretive investment with potential for capital appreciation. It also allows them to gain exposure to a segment of the market which they may not be able to efficiently do on their own. A-REIT intends to market the property through its network of existing tenants as well as leveraging on Ascen...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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