Ascendas Funds Management, the manager of Ascendas Reit, has announced the proposed acquisition of a suburban office building, to be developed at 1 Giffnock Avenue, Macquarie Park (MQX4), in Sydney.
The sales price was A$167.2 million ($121.1 million).
The sellers were Frasers Property Industrial and Winten Property Group, which will design and build the asset.
William Tay, executive director and CEO of the manager, said, “We are delighted to secure our first suburban office property in Macquarie Park, Sydney’s premier innovation location, and Ascendas Reit’s fifth suburban office asset in Australia. We believe that decentralization trends will continue to benefit Macquarie Park, which has already attracted many leading companies who have set up their headquarters in the precinct. This DPU accretive investment will enhance the quality and resilience of Ascendas Reit’s Australian portfolio further given its excellent location and sustainable building desi
