Ascendas REIT to acquire Sydney suburban office property for $284m

1-5 THD is the firm’s fifth suburban office property investment in Australia.

Ascendas Real Estate Investment Trust (Ascendas REIT) has revealed the proposed acquisition of a suburban office property at 1 – 5 Thomas Holt Drive, Macquarie Park, in Sydney, Australia (1-5 THD) for $284m from AMP Capital.

According to Ascendas Funds Management executive director and chief executive officer William Tay, 1-5 THD is the firm’s fifth suburban office property investment in Australia. Through the acquisition, Sydney now accounted for 48% of the firm's Australian portfolio.

“1-5 THD is located in Macquarie Park, the largest metropolitan market in Australia and a well-established business precinct occupied by national and international corporate headquarters across the pharmaceutical, technology, electronics and telecommunications industries,” said Ascendas REIT, noting that the modern campus style property comprises three suburban office blocks with a net lettable area of 39,188 sq m, located on freehold land.

After the acquisition, Ascendas REIT would now own 96 properties ($9b) in Singapore, 37 properties ($2.1b) in Australia, 30 properties ($2.1b) in the United States, and 38 properties ($0.8b) in the United Kingdom.