Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
William Tay adds that the portfolio of estates has a lengthy heavy standard rent expiry of 5 years and is fully rented to 12 lessees. The renters include logistics service providers, engineering companies, and also a food merchandiser.
Ascendas REIT will get a portfolio of 7 logistics properties in Chicago, Illinois, in the US. The REIT’s business manager, Asendas Funds Supervision, published that the all-out buy factor for the portfolio is $133.2 million.
The portfolio is being jointly sold off by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and Icon Pac Owner Pool 4 Northeast/Midwest.
According to a private appraisal by HSBC Institutional Trust Services (Singapore), the portfolio had an aggregate market value of $140.5 million since March 29.
“”Copying our successful entry into the US logistics business in November 2021, we are pleased to acquire an additional profile comprising 7 logistics residences in Chicago, the biggest commercial market in the nation based on remaining area,” claims Tay, executive supervisor and also chief executive officer of the REIT manager.
The procurement is expected to be accomplished by 2Q2022.