CapitaLand Ltd. completed its nearly S$1.67 billion transfer of 28 business parks in the U.S. and two Singapore properties to its Ascendas Real Estate Investment Trust subsidiary.

The Singapore-listed real estate investment trust said it used nearly S$1.30 billion of the proceeds from its rights issuance to partially finance the transaction. Earlier, it noted that the remaining amount required for the acquisition will be financed using debt.

Following the transaction, Ascendas REIT's portfolio comprised 99 properties in Singapore, 35 properties in Australia, 38 properties in the U.K. and 28 properties in the U.S.

The REIT added in a Dec. 11 news release that it also appointed CapitaLand International USA LLC as the asset manager for its U.S. properties for a three-year term ending Oct. 1, 2022.

As of Dec. 11, US$1 was equivalent to S$1.36.