Ascendas Funds Management (S) Limited, as the manager (the “Manager”) of Ascendas Real Estate Investment Trust (“Ascendas Reit”), is pleased to announce Ascendas Reit’s proposed acquisition of Philips APAC Center located at 622 Lorong 1 Toa Payoh, Singapore (“APAC Center” or the “Property”) from Philips Electronics Singapore Pte Ltd (the “Vendor”) (the “Proposed Acquisition”) which will leaseback their existing space to become the anchor tenant. The purchase consideration for the Proposed Acquisition is S$104.8 million (the “Purchase Consideration”).

Mr William Tay, Executive Director and Chief Executive Officer of the Manager said, “Singapore remains a key market for Ascendas Reit, making up approximately 60% of total assets under management. The acquisition of APAC Center is a natural addition to the portfolio, strengthening our technology and biomedical customer base and improving the overall resilience of the portfolio with its high occupancy of 95.7% and long WALE of 4.5 years.”