Singapore’s largest listed owner of industrial and office property, Ascendas’ Real Estate Investment Trust, has sold three assets in Queensland and Victoria for $125 million.
A Coles warehouse and a neighbouring warehouse at Heathwood, south of Brisbane, were sold for $101.6 million to Arrow Capital Partners’ $1-billion logistics investment fund, Strategic Industrial Real Estate with Altis Property Partners.
The latest acquisition, which is due to complete later this year, comes in the wakes of two logistics asset acquisitions in the Irish capital Dublin recently.
The Heathwood warehouses are in the Brisbane South Industrial Park. The 35,000sq m Coles logistics warehouse at 82 Noosa Street will be vacant later this year as the retail giant moves its operations to a purpose-built facility at Redbank.
Ascendas also divested a 16,134sq m warehouse and office space at 1314 Ferntree Gully Road in Melbourne via a unit sale agreement to China Tube and Haelram worth $23.5 million.
In a statement to the Singapore Exchange Ascendas REIT said: “The proposed divestments are in line with the Manager’s proactive asset management strategy to improve the quality of Ascendas REIT’s Australian portfolio and optimise returns for unitholders”.
“The total sale price of $125.1 million is approximately 16.8 per cent higher than the total market valuations of the properties of $107.1 million as at 31 December 2020.”
The proposed divestments are expected to complete in the third quarter of 2021.
Ascendas REIT is part of CapitaLand, which owns industrial assets in Singapore, Australia, the United States and Europe.
Article Source:www.theurbandeveloper.com
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