Singapore-listed industrial REIT, Ascendas REIT (SGX:A17U), has formally inducted a nine-storey building located at 1 Changi Business Park Central 1 known as One@Changi City.

The induction was formally announced in a filing with the Singapore Exchange on 1 March. Ascendas REIT paid SGD420.0 million for the acquisition, of which SGD210.0 million was satisfied by way of issuance of new units while the remaining was satisfied by way of cash.

Ascendas REIT first announced in December 2015 that it was acquiring the property that features a net lettable area (NLA) of 63,106 square metres and has 53 years remaining on its land tenure. The REIT now owns a portfolio of 103 properties in Singapore, 27 properties in Australia and two business park properties in China.

New units issued were listed on the Singapore Exchange at 9 a.m. on 2 March. With the issuance of the new units, the total number of Ascendas REIT units in issue is now 2,663,851,629.

Units of Ascendas REIT are currently listed on the Singapore Exchange at SGD2.42.