Ascendas REIT progresses in US with S$133m logistics acquisition
Singapore’s Ascendas Real Estate Investment Trust (REIT) has bought seven logistics properties in the US for S£133.2m (EUR91m). The assets, located across six infill industrial submarkets across Chicago were acquired from a number of vendors, including BREIT Industrial HS Property Owner. William Tay, executive director and chief executive officer of Ascendas Fund Management said Chicago was the largest industrial market in the US based on existing space.
“This portfolio comes with a long weighted average lease expiry of 5 years and is 100% occupied by 12 tenants from a diverse range of industries including logistics service providers, engineering companies and a food distributor.” Back in October last year, Ascendas REIT marked its entry into the US logistics real estate market with the acquisition of 11 last-mile properties in Kansas City for S£207.8m. The latest investment will increase Ascendas REIT’s exposure to the US logistics sector from 9.4% to 14.6%. On a total portfolio basis, the proportion of Ascendas REIT’s logistics properties will rise to 25% of total investment properties of S£16.5bn.
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