Ascandas REIT is forming a S$883 million joint venture with CapitaLand (with a 34% / 66% split respectively) to redevelop 1 Science Park Drive into a life science and innovation campus.

This follows the sale of the site, which houses the TÜV SÜD PSB Building, by the real estate investment trust (Reit) to the joint venture for S$103.2 million.