Ascendas Funds Management, the manager of Ascendas REIT, has offered to pay AMP Capital S$284 million ($212 million) for a suburban office property in Sydney.
The property, known as 1-5 THD, is located in Macquarie Park, the largest metropolitan market in Australia. The business precinct is occupied by national and international corporate headquarters across the pharmaceutical, technology, electronics and telecommunications industries.
The modern campus-style property consists of three suburban office blocks with a net leasable area of 39,188 square meters (421,816 feet). The property is 100 percent occupied with a 93 percent physical occupancy rate.
“We are continuing to expand our suburban office portfolio in Australia as affordable satellite hubs such as Macquarie Park remain attractive for companies seeking to decentralize from the central business district,” said William Tay, executive director and CEO of Ascendas. “1-5 Thomas Holt Drive is our fifth
