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Ascendas Real Estate Investment Trust (Ascendas REIT) has completed its acquisition of a modern logistic facility in Melbourne, Australia for AU$34 million (S$34.5 million).
Located within the established industrial precinct of Derrimut, No. 169-177 Australis Drive sits on 56,330 sq m of freehold land featuring a lettable area of 31,048 sq m. The property, which is fully leased, with tenants including Hitachi Transport System, has a weighted average lease expiry of about three years.
In an SGX filing, Ascendas REIT’s manager revealed that the total cost of the acquisition is “AU$36.3 million (S$36.8 million) which comprises (i) the purchase consideration of AU$34.0 million and (ii) transaction costs of approximately AU$2.3 million, which includes stamp duty, professional advisory fees and the acquisition fee payable to the Manager (being one percent of the purchase consideration of AU$34.0 million, which amounts to approximately AU$0.34 million)”.
It added that the total acquisition cost was “funded by existing debt facilities”.
Following this latest acquisition, Ascendas REIT will own 32 properties in Australia and 99 properties in Singapore.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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