Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
Ascendas REIT will acquire a profile of seven logistics homes in Chicago, Illinois, in the US. The REIT’s supervisor, Asendas Funds Management, released that the all-out buy factor for the accounts is $133.2 million.
The portfolio is being collectively sold by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and Icon Pac Owner Pool 4 Northeast/Midwest.
According to an independent evaluation by HSBC Institutional Trust Services (Singapore), the portfolio had a collected market price of $140.5 million since March 29.
“Copying our effective entrance into the US logistics business in November 2021, we delight in to attain an additional portfolio consisting of seven logistics buildings in Chicago, the biggest commercial market in the country based on occurring space,” claims William Tay, executive director and also chief executive officer of the REIT manager.
He adds that the portfolio of residential properties has a long weighted common lease expiration of 5 years together with is completely rented to twelve occupants. The lessees such as logistics service suppliers, engineering companies, as well as a food merchandiser.
The acquisition is anticipated to be completed by 2Q2022.