CapitaLand Ascendas REIT (SGX:A17U) expanded its European presence with the acquisition of a logistics portfolio in Spain for SG$185.4 million, according to a Friday filing with the Singapore Exchange.

The portfolio comprises two Grade A logistics assets in Madrid and four Grade A logistics properties in Barcelona, the filing said.

The acquisition is slated to add to the REIT's distribution per unit and is expected to have a net property income yield of around 6.3% pre-transaction in the first year.

Following the acquisition, the REIT's portfolio value has increased to SG$18.5 billion in total.