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Ascendas REIT divests International Business Park property at $24.8 mln

By Angela Teo

/ EdgeProp |

August 16, 2017 10:12 PM SGT

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Ascendas REIT announced on Aug 11 the proposed sale of No. 13 International Business Park to Pension Real Estate Singapore at $24.8 million. The proposed sale price is 24% higher than the property’s initial purchase price of $20 million.

No. 13 International Business Park is a seven-storey business park building designed with column-free floor plates. The property has a 39.6% occupancy rate as at June 30. The property, which has a gross floor area of 108,889 sq ft and a remaining land lease tenure of approximately 47 years, was valued at $22.4 million by Edmund Tie & Company as at March 31.

The completion date of the sale is set for Q3 2017.

No. 13 International Business Park

Source: Ascendas REIT

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