The manager of Ascendas Real Estate Investment Trust (A-REIT) says it has acquired a 6,253 square metre business park site at Fusionopolis for $110 million through a public tender by JTC Corporation.
Located within walking distance to the one-north Mass Rapid Transit (MRT) station which is expected to be operational in 4Q2011, the site has a land area of 6,253 sqm with a 60-year leasehold interest and an allowable plot ratio of 4.0 times. The site is also easily accessible via the Ayer Rajah Expressway.
The manager believes that the development of the site will provide unitholders of A-REIT with potentially greater returns compared to outright acquisitions of income-producing properties and thus improve the net asset value of A-REIT’s portfolio as A-REIT will receive any benefit of unrealised valuation gain from the development of the site.
As part of listing rules, A-REIT has declared JTC is a controlling unitholder of the REIT manager.
Source : TheEdge – 8 Jun 2011
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