Ascendas Real Estate Investment Trust, through its unit, secured term loan facilities of up to S$220.0 million to finance the purchase of a portfolio of 26 logistics properties in the U.K.

The Singapore-based industrial REIT recently closed on the portfolio purchase for about £253.3 million, subject to post-completion adjustments.

Nine 100%-owned units of Griffin UK Logistics Fund Ltd. secured two term loan facilities worth up to S$140.0 million and S$80.0 million, respectively. Griffin UK is a subsidiary of Ascendas REIT unit Ascendas REIT (Europe) Pte Ltd. and was acquired pursuant to the portfolio purchase.

The net proceeds from the term loan facilities will be used for refinancing a bridging loan that was used to partially fund the acquisition of the logistics portfolio.

HSBC Institutional Trust Services (Singapore) Ltd., in its capacity as trustee of the industrial REIT, has guaranteed obligations of the borrowers under the facilities.

As of Oct. 4, US$1 was equivalent to S$1.38.