A-Reit to add Sydney logistics property to its portfolio

Singapore

THE Manager of Ascendas Real Estate Investment Trust (A-Reit) on Wednesday announced an agreement to buy a new logistics property in Sydney, Australia for A$23.5 million (S$21.1 million). The acquisition will be accretive to A-Reit's distribution per unit.

A-Reit has purchased a 26,632 sq m piece of freehold land in the Yennora suburb of Sydney, an industrial precinct, from an entity called Lara-pinta Project. Larapinta will also develop the property, which is expected to be completed in the second quarter of 2021.