Ascendas Reit to acquire logistics property in Brisbane for A$70.3m

Singapore

ASCENDAS Real Estate Investment Trust (Ascendas Reit) is proposing to acquire a new logistics property in Brisbane for A$70.3 million, or approximately S$70.94 million, the Reit manager announced on Wednesday.

The property will be developed at 500 Green Road, Crestmead by Goodman Property Services (Aust) and is expected to be completed in the fourth quarter of 2021. The consideration of A$70.3 million comprises the land and development cost and is in line with the "as if complete" market valuation of the property.