Ascendas Reit plans to buy 30 business park properties in US, Singapore for $1.66b.
SINGAPORE - Real Estate Investment Trust (Reit) on Friday (Nov 1) said it has entered into agreements to acquire 28 business park properties in the US, along with two others in Singapore, from its sponsor CapitaLand for some $1.66 billion.
CapitaLand is also a controlling unitholder of Ascendas Reit, and a controlling shareholder of the Reit manager.
The proposed transactions, which are conditional upon approval of the Reit's independent unitholders and the relevant authorities, are expected to be completed in the fourth quarter this year.
Adapted from The Straits Times 1 October 2019