Ascendas Reit to purchase suburban office building in Sydney for A$167.2m
ASCENDAS Reit's manager announced on Friday after trading hours that it is acquiring a suburban office building to be developed at 1 Giffnock Avenue, Macquarie Park, in Sydney, Australia, for A$167.2 million (S$161 million) from Frasers Property Industrial and Winten Property Group. Read more at The Business Times.
Tell us what you think. Email us firstname.lastname@example.orgOn the proposed acquisition, net property income yield for the first year is approximately 6.1 per cent post-transaction costs. The pro forma impact on distribution per unit (DPU) for the 12 months ended Dec 31, 2019 would be an estimated improvement of 0.046 Singapore cents, assuming that MQX4 was acquired and completed on Jan 1, 2019.
The completion of the land sale is expected to occur in Q4 2020, and MQX4 is expected to be completed around mid-2022.The developers will provide a three-year rental guarantee from completion of the property for any vacant spaces. The proposed acquisition will be funded by Ascendas Reit through internal resources and existing debt facilities.
As at June 30, 2020, Ascendas Reit's investment properties under management stands at S$12.75 billion, comprising 197 properties across Singapore, Australia, UK and the US. Ascendas Reit's portfolio includes business and science parks, suburban office properties, high-specifications industrial properties, light industrial properties, logistics and distribution centres, and integrated developments, amenities and retail properties.
Units of Ascendas Reit closed flat at S$3.28 on Friday, prior to the announcement.BT is now on Telegram! Read more: The Business Times »
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