Ascendas REIT has purchased a portfolio of 26 logistics properties in the United Kingdom for £257.5 million ($336 million).
The 26 well-located logistics properties have a total gross internal area of 266,184 square meters (2.9 million square feet). The assets are sited on freehold land (with the exception of one property on 965-year leasehold land) in established industrial areas within the West Midlands, North West England, South East England and Yorkshire and the Humber.
The portfolio is 100 percent occupied.
Completion is expected to take place in the fourth quarter of 2018.
“Overall, this acquisition fits strategically with our current U.K. portfolio,” said William Tay, executive director and CEO of Ascendas Funds Management, the manager of Ascendas REIT. “The additional 26 logistics properties will increase our presence in the West Midlands, which is an important logistics hub supported by large population nodes such as Birmingham, Coventry
