Ascendas REIT continues acquiring Australian properties with the purchase of a suburban office around Sydney. Located in Macquarie Park (an area where Keppel REIT also made an acquisition just a few days ago), 1 Giffnock Avenue is an upcoming 9 storey office building with retail space on the ground floor and 204 carpark lots. The property, expected to be completed mid-2022, is freehold and will have 19,384 m² of lettable area.
For a total cost of A$167.2 million, the purchase is expected to be internally funded and be DPU accretive. The developers will provide a three-year rental guarantee from completion of the property for any vacant spaces.