CapitaLand Ascendas REIT (CLAR) is acquiring a logistics portfolio in Spain for $185.4 million, which is expected to be accretive to its DPU.
The portfolio comprises two Grade A logistics assets in Madrid and four logistics properties in Barcelona.
Assuming the acquisition was completed on Jan 1 2025, the DPU accretion is expected to be approximately 0.014 Singapore cents.
The first-year net property income (NPI) yield of the acquisition is expected to be 6.3% pre-transaction costs and 6.5% post-transaction costs.
"Our first acquisition in Spain deepens CLAR’s presence in the United Kingdom (UK)/Europe and enhances the scale, quality and geographic diversification of our logistics portfolio," says William Tay, CEO of the manager, adding that its logistics assets now span five countries with a total value of approximately $4.7 billion, and a total portfolio value of $18.5 billion.
These six assets are situated along major highways and are fully occupied by reputable companies.
CLAR says the transaction is at a 5.9% discount to the independent market valuation of the portfolio of $197.0 million as at Oct 31 2025.
It plans to fund the acquisition via a combination of internal resources and/or existing debt facilities.
Upon completion, CLAR's aggregate leverage is expected to increase marginally to 39.1% from 39.0% as at Dec 31 2025 on a pro forma basis.
CLAR units closed at $2.7 on Feb 26, up 0.37%.
