Ascendas REIT to acquire Philips APAC Center in Singapore for $76m
Ascendas Funds Management, as the manager of Ascendas Real Estate Investment Trust, has acquired Philips APAC Center, located at 622 Lorong 1 Toa Payoh in Singapore, from Philips Electronics Singapore Pte, which will lease back its existing space to become the anchor tenant.
The sales price was S$104.8 million ($76 million).
“Singapore remains a key market for Ascendas REIT, making up approximately 60 percent of total assets under management,” said William Tay, executive director and CEO of the manager. “The acquisition of APAC Center is a natural addition to the portfolio, strengthening our technology and biomedical customer base and improving the overall resilience of the portfolio with its high occupancy of 95.7 percent and long WALE of 4.5 years.”
The property is well accessible and centrally located within Toa Payoh town, which is a 15-minute drive to Singapore’s central business district. It is in close proximity to the pan-island and central exp