Macquarie Goodman’s joint venture Ascendas Real Estate Investment Trust, has bought a property under development site in Singapore for $S20 million.
Located at No. 13 International Business Park, the property was formerly known as Plot 23 International Business Park.
The property comprises a seven-storey business park building with a single-storey lab and basement car park. It has a gross floor area of 10,116 sqm, and is situated on land area of 7,277 sqm.
The land is on leasehold title of 60 years which expires on July 15 2064. The vendor LabOne Singpaore, will lease back the entire property for 10 years with annual stepped rental increases.
In addition, A-REIT will pay $S4 million towards the building fitout, which will be recovered from LabOne S’pore as part of the ongoing rental payments.
A-REIT currently has a portfolio of 66 properties worth $S2.9 billon. It has announced four additional proposed acquisitions, including two build-to-suit projects for Courts (Singapore) Limited and Cold Storage Singapore (1983) Pte Ltd worth about $S128 million, which are expected to be completed by November 2006 and March 2007 respectively.
Another, a Logistics & Distribution Centre Building at Pioneer Walk worth $S22.5 million and the development of a partial build-to-suit business park building at Plot 15 Changi Business Park worth $S28.6 million.
A-REIT was listed on November 19, 2002 and was Singapore’s first business space and industrial REIT.
By Nelson Yap
