Ascendas REIT has agreed to purchase a freehold piece of land to develop a logistics property in the Yennora suburb of Sydney, Australia. The A$23.5 million acquisition (which includes land and development) has a 26,632 m² area where the building is expected to be completed in the second quarter of 2021.

The net property income yield for the first year is estimated to be 5.8 per cent after taking into account the transaction costs. This yield factors in a rental guarantee of 9.5 months from Larapinta Project.