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Ascendas REIT buys Singapore complex for $366m

by Andrea Waitrovich

Ascendas REIT has paid S$458 million, or S$461 per square foot ($366.9 million/$393 per square foot) for Aperia Complex in Singapore. The seller was Singapore property developer Lim Chap Huat, who purchased the development site in 2011 for $173.4 million in 2011.

Aperia Complex totals 933,196 square feet and was completed in 2014. The industrial site has three buildings of three stories, 14 stories and 17 stories. One of the buildings contains three levels of retail space.

Real Capital Analytics identified the Aperia acquisition to be largest industrial sale in Singapore this year.

Ascendas REIT is the top buyer in the Singapore industrial sector in the past 24 months. The REIT has acquired three industrial properties totaling $604.2 million. In addition to Aperica Complex, the REIT has acquired the Hyflux Innovation Center for $135.5 milli

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