Tag Archives: Ascendas Real Estate Investment Trust

A-REIT sells Pioneer Walk property for S$32m

Ascendas Real Estate Investment Trust (A-REIT) has entered into an agreement to sell its property at 6 Pioneer Walk for S$32 million to Chasen Logistics Services, a subsidiary of SGX-listed Chasen Holdings.

The sale price is at a 42 per cent premium over the original purchase price of S$22.5 million in 2007.

The property has a 2-storey warehouse with a ramp-up driveway and a 4-storey ancillary office.

It also has a single-storey workshop and a container yard with a gross floor area of about 20,100 square metres.

The property has a remaining land tenure of about 24 years.

A-REIT’s manager, Ascendas Funds Management, said in a statement that the divestment is in-line with its “proactive asset management strategy where it seeks to regularly review and rejuvenate its portfolio.”

With the sale, A-REIT said its proforma net property income would reduce by S$1.78 million for FY2011/12.

The transaction is expected to be completed by end-June 2012.

Source : CNA – 2012 Jun 1
Following the sale, A-REIT will own 100 properties in Singapore and one in China.

A-REIT acquires $110m site at Fusionopolis

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