CapitaLand Ascendas REIT to divest three Australian logistics properties for $64.2 mil

The suggested divestment, that CLAR states aligns with its aggressive property administration approach to improve the condition of its portfolio and optimize returns for unitholders, is expected to be finished in the very first quarter of 2024.

J’Den Condo Jurong East Central Road

Speculating the suggested divestment had definitely been completed on Jan 1, 2022, the proforma influence on CLAR’s net property income (NPI) and distribution per unit (DPU) for the FY2022 ended Dec 31, 2022, would have caused a decline of $3.9 million and 4 cents, respectively.

The executive of CapitaLand Ascendas REIT (CLAR) has recently announced the proposed divestment of 3 logistics real estates in Queensland, Australia on Dec 20.

Units in CLAR finalized 1 cent lower of 0.34% declining at $2.92 on Dec 20.

After deducting divestment expenses, remaining proceeds from the revenue are projected to get $60.8 million and might be utilized for different purposes featuring funding dedicated investments, settling existing debts, expanding loans to subsidiaries, financing general company and business assets needs and making distributions to unitholders.

The total sale consideration for the three commercial properties totals up to $64.2 million (A$ 73.0 million) and stands for a premium of 6.2% over the overall market assessment of the estates of $60.4 million as at Aug 31.

Complying with the conclusion, CLAR will certainly possess 228 properties making up 97 real estates in Singapore, 33 properties in Australia, 48 real estates in the USA and 50 properties in the UK and Europe.

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