Ascendas REIT to acquire remaining 75% interest in Galaxis

Ascendas Funds Management, as the manager of Ascendas REIT, has plans to acquire the remaining 75 percent equity stake in Ascendas Fusion 5 Pte Ltd., the holding entity for Galaxis, a business park in Singapore, from Ascendas Fusion 5 Holding Pte. Ltd. The sales price is S$534.4 million ($399.79 million)

Dr. Beh Swan Gin, chairman and non-executive independent director of the manager, said, “We are excited to add Galaxis to our portfolio. It is a top-notch, high-end business park property that is strategically located with excellent connectivity in one-north. Galaxis is a prime example of the type of assets that Ascendas REIT looks to acquire to achieve a stable, long-term revenue stream.”

William Tay, executive director and CEO of the manager, added, “Following the acquisition of our initial 25 percent interest in Galaxis in March 2020, this proposed acquisition will allow Ascendas REIT to have full ownership of the property. It will enlarge the business and sci