Ascendas REIT, AMP Capital close S$284M Sydney office property deal

Ascendas Real Estate Investment Trust completed its S$284.0 million acquisition of an office property in the Macquarie Park suburb of Sydney from AMP Capital.

The Singapore-based real estate investment trust spent a total of S$303.3 million for the acquisition.

Ascendas REIT used a portion of the proceeds from its S$1.20 billion equity fundraising to finance the acquisition, according to a Jan. 13 news release.

The property at 1-5 Thomas Holt Drive comprises three fully occupied freehold office blocks with a net lettable area of 39,188 square meters and a 4.5-year weighted average lease expiry. It is leased to companies including Metcash and Foxtel and also includes 1,107 parking spaces, a café, two tennis courts, a swimming pool and barbecue areas.

As of Jan. 13, US$1 was equivalent to S$1.33.