Ascendas REIT acquires 25% stake in Galaxis
Ascendas Funds Management, as the manager of Ascendas REIT, has acquired a 25 percent equity stake in the holding entity for Galaxis for S$102.91 million ($tk million), from MBK Real Estate Asia, a wholly owned subsidiary of Mitsui & Co.
Galaxis is a business park property located at 1 & 3 Fusionopolis Place, in Singapore’s one-north precinct.
William Tay, executive director and CEO of the Manager said, “Galaxis is strategically located in the heart of the bustling Fusionopolis cluster in one-north and has direct access to the MRT station. The acquisition of the 25 percent stake in Galaxis is accretive to Ascendas REIT’s distribution per unit and is transacted at an attractive net property income yield of 6.2 percent, considering the allowable 30 percent White Component for the site. Galaxis fits well with our strategy to invest in well-located and high-quality business park properties in Singapore, and will strengthen Ascendas REIT’s overall portfolio