SINGAPORE (Sept 29): Ascendas REIT is scaling up its portfolio in the UK with the proposed acquisition of a portfolio of 26 logistics properties for £257.5 million ($459.2 million).

The properties are well-located in key logistics locations with about 70% of the portfolio’s gross internal area situated within the West Midlands, an important logistics hub located at the centre of UK’s motorway network.

In connection with the acquisition, Ascendas REIT (Europe), a direct wholly-owned entity of HSBC Institutional Trust Services (Singapore), as trustee of Ascendas REIT, on Friday entered into a sale and purchase agreement with Griffen Group UK Holding to acquire all the issued share capital of Griffin UK Logistics Fund and its nine wholly-owned subsidiaries which own the target portfolio.

Read more on The Edge Singapore.