Ascendas Real Estate Investment Trust (Ascendas REIT) has proposed to acquire a new logistics property that will be developed in Brisbane for $69.1 million.
This comes after Ascendas REIT completed the acquisition of the land today.
The proposed acquisition will be funded through internal resources and/or existing debt facilities.
According to Ascendas REIT, the property is in Crestmead, which is about 32 km south of the Brisbane CBD.
SEE: Ascendas REIT remains top sector pick as growth fundamental look up: Maybank Kim Eng
Crestmead is an established hub for interstate, intrastate and metropolitan distribution, it says.
The property, which will be developed by Goodman Property Services (Aust), is expected to be completed in 4Q 2021.
“This acquisition extends our logistics footprint in key distribution markets that will benefit from the robust domestic consumption and e-commerce demand in Australia,” says William Tay, executive director and CEO of the REIT manager, in a Dec 23 statement.
Ascendas REIT ended flat at $2.95 with 9.7 million units changed hands.
