Singapore’s CapitaLand Ascendas REIT Management is developing its first green-certified logistics distribution property in the United States for S$94.8 million ($70.5 million).
The manager acquired a parcel of land in the city of Summerville, S.C., a submarket of Charleston. The land will be developed into a new logistics property, which will be known as Summerville Logistics Center.
“This development of a prime best-in-class green-certified logistics distribution property aligns with our strategy to expand our logistics portfolio to capture the growth potential in this sector,” said William Tay, executive director and CEO of CapitaLand Ascendas REIT Management. “Marking our first development in the U.S., this opportunity will also enhance the quality of our portfolio with a new asset, which generates long-term value for unitholders. We will continue to identify opportunities to scale up in the U.S., riding on on/reshoring trends, as well as targeting key growt
