CapitaLand Ascendas REIT Management Limited (“the Manager”), formerly known as Ascendas Funds Management (S) Limited, the manager of CapitaLand Ascendas REIT (CLAR), formerly known as Ascendas Real Estate Investment Trust (Ascendas Reit), is pleased to announce the signing of a full building lease agreement with Crinetics Pharmaceuticals, Inc., for its new global headquarters at 6055 Lusk Boulevard, San Diego, United States.

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).