Ascendas Real Estate Investment Trust completed the purchase of a portfolio of 26 logistics properties in the U.K. for about £253.3 million, subject to post-completion adjustments.

The deal was financed through a mix of pound sterling denominated debt and S$246.6 million of proceeds from a recently closed equity fundraising.

After closing the deal, the Singapore-based industrial REIT owns 98 properties in Singapore, 35 Australian properties and 38 properties in the U.K.

Ascendas Investment Pte. Ltd., an indirect 100%-owned unit of the trust's sponsor, appointed its subsidiary Ascendas Management (UK) Ltd. as the portfolio's asset manager through Sept. 30, 2022.

As of Oct. 3, US$1 was equivalent to S$1.38.