Ascendas Funds Management, as the manager of Ascendas REIT, has acquired a cold storage logistics facility located at 1 Buroh Lane, Singapore, from A3 Lux Alpha S.a.r.l. for S$191.9 million ($136.57 million).
“This is our first cold storage facility investment in Singapore. This modern Grade-A 5-storey ramp-up logistics facility is one of the best cold storage facilities in Singapore,” said William Tay, executive director and CEO of the Ascendas Funds Management. “Featuring a good combination of chiller, freezer and ambient storage spaces, it caters to a diverse food and beverage storage requirements. We are confident to achieve good rental growth due to the limited supply and strong demand for this type of facilities.”
The property is fully occupied by five tenants, including a supermarket chain. Built seven years ago, the property is situated in the western region of Singapore within the Jalan Buroh Food Zone, where over 30 licensed food establishments ar
