Ascendas Reit to acquire remaining 75% interest in Galaxis

The acquisition is estimated to be worth a total of $534.4m.

Ascendas Funds Management (S) Limited (AFM) announced Ascendas Reit’s proposed acquisition of the remaining 75% equity stake in Ascendas Fusion 5 Pte Ltd (AF5PL), the holding entity for Galaxis.

AFM is the manager of Ascendas Real Estate Investment Trust (Ascendas Reit).

The purchase consideration for the Proposed Acquisition is estimated to be $534.4 million.

“We are excited to add Galaxis to our portfolio. It is a top-notch, high-end business park property that is strategically located with excellent connectivity in one-north," said Dr. Beh Swan Gin, Chairman and non-executive independent director of AFM.

"Galaxis is a prime example of the type of assets that Ascendas Reit looks to acquire to achieve a stable, long-term revenue stream," he added.

William Tay, Executive Director and Chief Executive Officer of AFM, said that this proposed acquisition was done to obtain full ownership of the property.

The inital 25% was purchased in March 2020.

“It will enlarge the business and science park portfolio in Singapore by 18% to $4.9 billion and increase the number of properties we have in the vibrant one-north business park to five," he said.

Photo courtesy of Ascendas Reit.