A-Reit to sell logistics facility near Shanghai for S$26m

THE manager of Ascendas Real Estate Investment Trust (A-Reit) on Thursday said the trust has agreed to sell A-Reit Jiashan Logistics Centre in China for S$26 million.

This translated to a gain of S$5.1 million over the total development cost. The centre, located near Shanghai, was sold to Goodman Developments Asia and GCLP Developments No 3 (BVI) Limited.

"This will further strengthen our resources to look at other opportunities in Singapore, Australia and China," said Chia Nam Toon, chief executive officer of the manager.