A-Reit buys Aussie assets for A$1.01b

Singapore

MAKING its foray into Australia, Ascendas Real Estate Investment Trust (A-Reit) is snapping up a portfolio of 26 logistics properties at one go for A$1.01 billion (S$1.02 billion) - a move that will turn the Reit into the eighth largest industrial landlord there.

The combined portfolio is said to be about 90 per cent owned by the real estate arm of GIC and some 10 per cent owned by Frasers Property Australia (the former Australand).

These freehold properties are mainly located in Sydney, Melbourne and Brisbane, and one is in Perth. Some are held in a joint venture between GIC and Frasers Property Australia; others are wholly owned by GIC. They were up for sale in …