Ascendas REIT Buying Remaining 75% Stake in Galaxis

News about Ascendas REIT

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.

Ascendas REIT
Price3.070 SGD
NAV2.250 SGD
Yield (4 quarters)4.91%
Gearing37.6%