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Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil

/ EdgeProp Singapore |

May 10, 2022 1:42 PM SGT

The target portfolio comes with a long weighted average lease expiry of five years and is 100% occupied by 12 tenants from a diverse range of industries including logistics service providers, engineering companies and a food distributor. 540-570 Congress Circle South (pictured) is one of the seven properties in the portfolio. (Picture: Ascendas Reit)

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SINGAPORE (EDGEPROP) - Ascendas REIT will acquire a portfolio of seven logistics properties in Chicago, Illinois, in the US. The REIT’s manager, Asendas Funds Management, announced that the total purchase consideration for the portfolio is $133.2 million.

See also: Prime logistics properties show strong rental growth in 1Q2022: Cushman & Wakefield

According to an independent valuation by HSBC Institutional Trust Services (Singapore), the portfolio had an aggregate market value of $140.5 million as of March 29.

The portfolio is being collectively sold by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and Icon Pac Owner Pool 4 Northeast/Midwest.

““Following our successful entry into the US logistics market in November 2021, we are pleased to acquire another portfolio comprising seven logistics properties in Chicago, the largest industrial market in the country based on existing space,” says William Tay, executive director and CEO of the REIT manager.

He adds that the portfolio of properties has a long weighted average lease expiry of five years and is fully leased to 12 tenants. The tenants include logistics service providers, engineering companies, and a food distributor.

The acquisition is expected to be completed by 2Q2022.

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