Ascendas REIT's Cargo Business Park. (Photo: Cargo Business Park)

Ascendas REIT has completed the acquisition of an AUD33.5 million (USD24 million) property in Eagle Farm, Brisbane, Australia.

The REIT first announced the acquisition of the property, Cargo Business Park, in early-August 2018.

The property is 87.4% occupied, and the seller will provide Ascendas REIT with a 12-month rental guarantee for the vacant spaces.

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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.