Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil

According to an independent appraisal by HSBC Institutional Trust Services (Singapore), the portfolio had an accumulated market value of $140.5 million as of March 29.

Midtown Bay Beach Road price

Ascendas REIT will definitely obtain a portfolio of 7 logistics properties in Chicago, Illinois, in the United States. The REIT’s manager, Asendas Funds Management, announced that the all-out buy factor for the accounts is $133.2 million.

The accounts is being jointly offered by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and Icon Pac Owner Pool 4 Northeast/Midwest.

“Sticking to our effective opening into the US logistics sector in November 2021, we delight in to attain an additional profile comprising seven logistics residential properties in Chicago, the best commercial business in the country based upon presenting space,” mentions William Tay, managerial director and chief executive officer of the REIT executive.

He includes that the profile of business has a lengthy heavy average rent expiry of five years together with is totally leased to 12 lessees. The lessees include logistics company, engineering business, and also a food vendor.

The acquisition is expected to be completed by 2Q2022.

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