Ascendas REIT completes S$26.5 mil acquisition of Melbourne logistics property

SINGAPORE (April 4): Ascendas Fund Management, the manager of Ascendas REIT, today announced completion of the REIT’s acquisition of Stage 4, Power Park Estate in Melbourne, Australia, from Goodman Dandenong Trust for a purchase consideration of A$24.8 million (S$26.5 million or RM84 million).

Stage 4, Power Park Estate is a single-story logistics property located within the Power Park Industrial Estate in the established industrial suburb of Dandenong South.

In a Monday announcement, the manager says that the acquisition’s total cost amounts to A$25.6 million including transaction costs of A$800,000, which includes stamp duty, professional advisory fees, and the acquisition fee payable to the manager of about A$248,000.

It adds that the total acquisition cost was funded through existing debt facilities.

This follows the REIT manager’s Sept 9 announcement in 2016 of Ascenda REIT’s forward purchase of Stage 4, Power Park Estate — in addition to its acquisition of a business park property located at Coward Street, Mascot in Sydney, Australia, from Frasers Property Australia, the wholly-owned subsidiary of Ascendas Fund Management.

Units of Ascendas REIT closed 1 Singapore cent higher at S$2.53. — theedgemarkets.com.sg

For more stories, download TheEdgeProperty.com pullout here for free.