Ascendas REIT to acquire 12, 14 and 16 Science Park Drive for $420 mil

SINGAPORE (Dec 5): Ascendas REIT is planning to acquire 12, 14 & 16 Science Park Drive for a purchase consideration of $420 million from its sponsor Ascendas.

Two of the buildings are leased to DSO National Laboratories, Singapore’s national defence R&D organisation. The third building is leased to DNV GL Singapore, a Norwegian risk management company, for its South East Asia regional headquarters.

The proposed acquisition is expected to generate a net property income yield of 6.0% post-acquisition costs in the first year of ownership. The annualised pro forma financial effect of the proposed acquisition on the DPU would be 0.059 cents per unit for the FY16 ended March.

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