Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil

According to a private appraisal by HSBC Institutional Trust Services (Singapore), the portfolio had an accumulated market value of $140.5 million as of March 29.

William Tay includes that the portfolio of buildings has a prolonged weighted average rent expiry of 5 years together with is fully rented to twelve occupants. The tenants such as logistics provider, engineering companies, and a food dealer.

Ascendas REIT will get a collection of 7 logistics properties in Chicago, Illinois, in the US. The REIT’s supervisor, Asendas Funds Management, declared that the all-out buy consideration for the accounts is $133.2 million.

“Following our profitable opening into the US logistics sector in November 2021, we delight in to gain one more portfolio consisting of seven logistics residences in Chicago, the major commercial industry in the country based on occurring area,” says Tay, executive supervisor as well as CEO of the REIT manager.

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The portfolio is being jointly marketed by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and Icon Pac Owner Pool 4 Northeast/Midwest.

The procurement is expected to be carried out by 2Q2022.

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