Ascendas REIT is announcing the acquisition of the remaining 75% stake in Galaxis for S$534.4 million. Galaxis is a business park in One North, Singapore with a total net lettable area of 60.935 m². The financing will be done through a combination of debt and issuance of new units.
Consequently the trust has issued 142,664,000 new units at a price of S$2.944 per unit.
The manager expects the operation to be DPU and NAV accretive.