Ascandas REIT is announcing the purchase of the Philips APAC Centre in Toa Payoh, Singapore, for S$104.8 million. The transaction is a sale and leaseback operation for Philips Electronics Singapore which will become the main tenant of the property. The property sits on leasehold land with 21 years left on the lease.

The pro forma impact on the DPU for the financial year commencing on 1 January 2021 and ended 31 December 2021 is expected to be an improvement of 0.045 Singapore cents (0.29% DPU accretion) assuming the Proposed Acquisition was completed on 1 January 2021.