CapitaLand Ascendas REIT Converts Office Property Into Life Sciences Asset

News about CapitaLand Ascendas REIT

CapitaLand Ascendas REIT (CLAR) is announcing the signing of a lease with Crinetics Pharmaceuticals for their new global headquarters at 6055 Lusk Boulevard, San Diego, USA:

Under the agreement, CLAR will undertake a convert-to-suit exercise and transform the office property into a premier life sciences property at an estimated cost of US$40.0 million (approximately S$56.4 million).

CapitaLand Ascendas REIT
Price2.760 SGD
NAV2.310 SGD
Yield (4 quarters)5.61%
Gearing37.3%