Ascendas REIT's Ascendas Z-link, which was divested for SGD149 million. (Photo: Ascendas REIT)Ascendas REIT's Ascendas Z-link, which was divested for SGD149 million. (Photo: Ascendas REIT)

Singapore-listed industrial REIT, Ascendas REIT, disclosed on 11 July that it has completed the divestment of its business park property in Beijing.

The property, known as Ascendas Z-link, was sold to Cova Beijing ZPark Investment Ltd for SGD149 million.

The divestment, which was effected by selling all of Ascendas REIT’s equity interest in the wholly-owned subsidiary known as Ascendas ZPark (Singapore) Pte Ltd, was first announced in May 2016.

With the divestment, Ascendas REIT now owns a portfolio of 103 properties in Singapore, 27 properties in Australia and and 2 properties in China.

Units of Ascendas REIT finished about 0.4% lower from its previous close on the Singapore Exchange to end at SGD2.44.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.