CapitaLand Ascendas REIT acquires DHL Logistics Hub in Ohio for $94.5 mil

EdgeProp Singapore

January 16, 2026 11:45 AM SGT

propertyeditor@edgeprop.sg

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The single-storey logistics building boasts a gross floor area of 755,160 sq ft (Source: CapitaLand Ascendas REIT)

CapitaLand Ascendas REIT (CLAR) has acquired DHL Canal Winchester — a newly completed Class A logistics property in Columbus, Ohio — for $94.5 million. The purchase price represents a 3.3% discount to the independent market valuation as at Jan 1.

The deal is structured as a sale and leaseback with DHL, which will fully occupy the facility under a long-term lease until December 2030, with options to renew for two additional five-year terms.

Completed in 2024, the property comprises a single-storey logistics building with a gross floor area of 755,160 sq ft. It also boasts modern specifications, including a 12.2-metre clear height, cross-dock configuration, and LED lighting, and is strategically located near major highways and Rickenbacker International Airport, a key cargo hub.

This acquisition marks CLAR's second sale and leaseback transaction with DHL in the US, following the DHL Indianapolis Logistics Center completed in January 2025. According to CLAR, the move is part of the REIT's strategy to selectively invest in US logistics growth markets with strong connectivity and occupier demand.

The addition of DHL Canal Winchester increases the proportion of modern logistics assets in CLAR's US portfolio to 52.4% by assets under management and expands its US logistics footprint to 21 properties across five cities, totaling approximately 5.9 million sq ft.

The Columbus market, the sixth largest logistics hub in the Midwest, has shown robust demand for industrial space, with vacancy rates declining and average asking rents rising 2.5% y-o-y in 3Q2025. The region benefits from a diverse economy and strong infrastructure, making it an attractive location for logistics investments.

The acquisition is expected to be accretive to distribution per unit, with a first-year net property income yield of 7.2% post-transaction costs, and will be financed through a mix of internal resources, divestment proceeds, and existing debt facilities.

William Tay, CEO and executive director of the manager, highlights the strategic value of the acquisition: "The accretive acquisition underscores our strategy of selectively investing in logistics growth markets in the US with excellent connectivity and deep occupier demand, while leveraging our strong partner network to drive long-term value for unitholders."

Upon completion, CLAR's US logistics assets under management will rise by 17.4% to approximately $651.6 million, reinforcing its position as a leading global REIT with a focus on tech and logistics properties in developed markets.

The acquisition is expected to close in the first quarter of 2026.

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