CapitaLand Ascendas REIT Management Ltd., as the manager of CapitaLand Ascendas REIT (CLAR), has acquired two plots of freehold land in the East Midlands, a key logistics market in the United Kingdom.
A total of four new logistics properties will be developed on the land plots known as Manton Wood and Towcester. With one and three logistics properties to be developed at Manton Wood and Towcester respectively, the estimated total investment cost is approximately S$350.1 million ($272.14 million).
“Embarking on our inaugural logistics developments in the United Kingdom marks a significant step forward in our strategy to scale up CLAR’s U.K. logistics portfolio,” said William Tay, executive director and CEO of the manager. “With positive structural drivers such as ecommerce and onshoring anticipated to sustain demand, these four new properties are set to boost the asset value of CLAR’s U.K. logistics portfolio by 43.5 percent to approximately S$1.2 billion [$930
