Ascendas Reit sells Woodlands property for S$19.28m

Ascendas Real Estate Investment Trust (Reit) has entered into an agreement to sell off 10 Woodlands Link for S$19.28 million.

The divestment of the property to Sengkang Import & Export is in line with the Reit manager's strategy to redeploy capital and optimise returns for unitholders, it said in a press release on Tuesday evening.

The proposed sale price of S$19.28 million is 60.7 per cent higher than the Reit's original purchase price of S$12 million in 2005. The net proceeds of S$18.9 million may be used to fund committed investments, repay existing debts, extend loans to subsidiaries and/or fund general corporate and working capital needs.