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SINGAPORE’S CAPITALAND ASCENDAS REIT SELLS TRIO OF AUSSIE SHEDS TO ASHEMORGAN FOR $49M

SINGAPORE’S CAPITALAND ASCENDAS REIT SELLS TRIO OF AUSSIE SHEDS TO ASHEMORGAN FOR $49M

For a total of A$73 million ($49.3 million), Sydney-based investment firm AsheMorgan is set to purchase three suburban logistics facilities in Brisbane from CapitaLand Ascendas REIT (CLAR).

According to a stock filing on Wednesday, the manager of the REIT entered into a set of three put and call option deeds to sell a logistics facility in the Larapinta neighborhood and two projects in Parkinson, which is south of Brisbane’s central business district.

According to a market source, the bidder is AsheMorgan, a boutique investment manager that partnered with Mitsubishi Estate in Sydney in October to purchase the MetCentre retail podium and the 60 Margaret Street office tower for A$777 million.

The REIT backed by CapitaLand is reducing its exposure to Australia following three significant acquisitions in Singapore and the UK this year, totaling $399 million. One of the purchases was a data center in northwest London, which was acquired in August for £125.1 million (originally $159.6 million).

According to the announcement, CapitaLand Ascendas REIT is selling the three sheds for 6.2 percent more than the assets’ total market value of A$68.75 million as of the end of August. The sale is anticipated to be finalized.

Eight years after purchasing the properties from GIC and Frasers Property Australia as part of a 26-property deal in 2015, the SGX-listed trust is selling them.

The trust, which is overseen by a division of CapitaLand Investment, anticipates that the sale of the portfolio will bring in A$69.2 million in net proceeds. According to the manager, these funds may be utilized for committed investments, debt repayment, loan extensions to subsidiaries, general corporate and working capital requirements, or unitholder distributions.

The manager stated, “The planned divestment is in line with the manager’s proactive asset management strategy to enhance the quality of CLAR’s portfolio and maximize returns for CLAR unitholders.”

The Southlink Business Park near Affinity at Serangoon, which is located around 21 kilometers south of Brisbane’s central business district, is home to the two other facilities.

The two properties include a temperature-controlled paper storage facility and workshop at 62 Sandstone Place, valued at S$19 million, and a 13,738 square meter industrial complex at 92 Sandstone Place, valued at S$22 million at the end of the previous year.

After the disposal, CLAR will have 228 properties in its portfolio, with 33 located in Australia, 48 in the US, 50 in Europe, and 97 in Singapore, its home city.

By the time of publication, Mingtiandi had contacted AsheMorgan for comment but had not heard back about the Affinity at Serangoon floor plan.

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