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Sign in Sign up for a FREE subscriptionAscendas REIT to acquire 11 last-mile logistics properties in Kansas City
Singapore-based Ascendas Funds Management has acquired a portfolio of 11 logistics properties located in Kansas City for $156 million from ColFin 2017-11 Industrial Owner, LLC and ColFin Cobalt I-II Owner, LLC, third-party vendors.
William Tay, executive director and CEO of the manager, said, “This acquisition of 11 logistics properties in Kansas City marks our first entry into the U.S. logistics market and is complementary to Ascendas Reit’s existing logistics portfolio. “The strong market fundamentals driven by rising warehousing requirements for ecommerce fulfilment has led to record net absorption levels and rent growth across the country. We are confident of the growth potential of this portfolio given Kansas City’s geographically central location within the U.S. and its well-developed transportation infrastructure. We believe that there will be continuous high demand for this portfolio, which comprises 200,000 square meters [2.2 million square feet] of las
