Singapore-listed Industrial landlord Ascendas REIT (A-REIT)(SGX:A17U) has announced its intention to acquire a multi-tenanted property at 61 Science Park Road a purchase price of S$126 million. The property, known as The Galen, is currently owned by Singapore Science Park Limited.
|The Galen is a 6-storeymulti-tenanted building located withinSingapore Science Park II. Photo : Ascendas REIT
The property is a 6-storey multi-tenanted science park building sited on a land area of 16,308 square meters. It has a gross floor area and net lettable area of 30,685 square meters and 21,775 square meters respectively and has an occupancy rate of approximately 97.5 per cent.
Acquisition of the property is expected to increase Net Property Income (NPI) for Ascendas REIT by 6.8 per cent and increase Distribution Per Unit by 0.052 cents.
Funding of the acquisition will be done from proceeds of a placement reported earlier.
The acquisition will be managed by HSBC Institutional Trust Services and is expected to complete by end March 2013.