“The acquisitions of 9 Tai Seng Drive and 5 Science Park Drive further anchor CLAR in Singapore, which stands as the cornerstone of CLAR’s multi-asset portfolio in matured, developed markets,” says William Tay, executive director and CEO of the manager.
The manager of CapitaLand Ascendas REIT (SGX:A17U
) (CLAR) is proposing to acquire 9 Tai Seng Drive and 5 Science Park Drive for a total purchase consideration of $700 million. The sum comprises the estimated consideration of $471 million for 9 Tai Seng Drive, a Tier III colocation data centre, and $245 million for 5 Science Park Drive, a premium business space property. The acquisitions are expected to cost CLAR a total of $724.6 million including fees.
According to CLAR, the proposed acquisitions will deepen the REIT’s exposure to the technology sector in Singapore. 9 Tai Seng Drive will be acquired from CapitaLand Data Centre Trust and Science Park Property Trust, jointly owned by CapitaLand Development and CLAR.
