Average lease expiry of five years and is 100% occupied by 12 tenants from a diverse range of industries

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Ascendas REIT will acquire a portfolio comprising seven logistics properties located in Chicago, Illinois, in the US. As the manager of the REIT, Asendas Funds Management, announced that the purchase consideration to purchase the properties is $133.2 million.

According to an independent assessment of the portfolio by HSBC Institutional Trust Service (Singapore) the portfolio was valued at an aggregate worth of $140.5 million at the time of the 29th of March.

The portfolio is offered for sale through BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03 BCORE Jupiter NMW 1 as well as Icon Pac Owner Pool 4 Northeast/Midwest.

“”Following our success in entering our successful entry into the US markets for logistics in November of 2021 we’re happy to have acquired a second portfolio of seven logistics properties located in Chicago which is the largest manufacturing market of the US that is based on space already in place,” says William Tay the chief executive officer and president of the REIT manager.

He also states that the portfolio of properties is a long-weighted lease term of five years. It is fully lease twelve tenants. These tenants are logistics service providers, engineering firms and the food distributor.

This acquisition should be expected be completed by the 2nd quarter of 2022.