Ascendas REIT is announcing the proposed acquisition of a Sydney office property.
The purchased asset is 1-5 Thomas Holt Drive in Macquarie Park, a suburb of Sydney. The freehold property, to be completed early 2021, comprises 3 office blocks with 39,188 m² of NLA. It is currently 100% leased with a WALE of 4.5 years.
The A$303.3 million (S$308.5 million) operation (including fees and costs) will be financed by debt and available cash.
The operation is expected to be DPU accretive and increase the trust geographical diversity, with the Australian portfolio growing from 13% to 15% of total assets.