Ascendas REIT snags two Oz properties for $173.2m

This includes a business park and a logistics property.

As it plans to progressively build on and diversify its existing portfolio in Australia, Singapore-listed Ascendas real estate investment trust (REIT) acquires two Australian properties for $173.2 million.

According to OCBC Investment Research, the first is a business park property in Sydney with a purchase consideration of $145.6 million. Ascendas purchased the property from Frasers Property Australia.

The second property is a forward purchase of a logistics property, Stage 4, Power Park Estate, located in Dandenong South, Melbourne for a consideration of $25.2 million. OCBC noted that construction of this property is estimated to be completed in the first quarter of 2017.

"These acquisitions do not come as a surprise to us, as A-REIT had previously announced that it was conducting due diligence on two potential acquisitions in Australia when it carried out a private placement exercise in early August," OCBC stated.