Ascendas Reit to acquire 7 logistics assets in Chicago for $133.2m

All properties are 100% occupied.

Ascendas Reit has proposed to acquire a portfolio of seven logistics properties located across Chicago, Illinois, United States for $133.2m, its manager Ascendas Funds Management (S) Limited announced.

In a bourse filing, the Reit's manager said the properties will be acquired from third-part vendors, BREIT Industrial HS Property Owner LLC, BREIT Industrial Canyon IL1M03 LLC, BCORE Jupiter NEMW 1 LLC, and Icon Pac Owner Pool 4 Northeast/Midwest, LLC.

The portfolio also comes with a long weighted average lease expiry (WALE) of five years and is 100% occupied by 12 tenants from "a diverse range of industries including logistics service providers, engineering companies and a food distributor," according to the CEO of the Reit's manager, William Tay.

"On average, the existing customers have occupied their current space for 10.6 years," the manager added.

The seven properties has total net lettable area (“NLA”) of 132,344 sq m and are located in infill locations across six growing industrial submarkets, namely, O’Hare, Central DuPage, South Cook County, I-88 Corridor, Southwest Cook County and I-39 Corridor.

In a statement on 10 June, the company announced that the acquisition of target Properties by Ascendas Reit Chicago 1 LLC, an indirect wholly owned subsidiary of Ascendas Reit, was completed.