This property, just 15 minutes’ drive to Changi Airport, will be leased back to Toll Offshore Petroleum Services under a triple net lease with WALE of 13.4 years and built-in annual rent escalation of 2.5%. This property has a current plot ratio of 0.52, significantly below the maximum allowed of 1.0, suggesting redevelopment potential of up to 1.6 million sq ft.
Jonathan Koh of UOB Kay Hian has maintained his "buy" call on Capitaland Ascendas REIT along with a slightly higher target price of $3.78 from $3.70 after the REIT's recent acquisition of three assets for $1.4 billion in total that will lift its DPU by 1.7% for this coming FY2027 and 2.3% for FY2028, with NAV per unit seen to increase by 3.1% to $2.36.
First, CALR is buying 25 Loyang Crescent for $504 million, which is a modern four-storey ramp-up logistics facility with cluster of 13 standalone industrial buildings used as warehouses and workshops, and open yard space.
