CapitaLand Ascendas REIT to Invest SG$350 Million on Freehold Land in the UK

MT Newswires

Aug 11

CapitaLand Ascendas REIT (SGX:A17U) will invest around SG$350 million on two plots of freehold land it acquired in the East Midlands, UK, for around SG$350.1 million, according to a Monday filing with the Singapore Exchange.

The REIT intends to develop four new logistics properties on the plots.

The total investment costs for the plot at Manton Wood is SG$87.2 million and SG$262.2 million for the plot at Towcester.

The REIT will raise funds for the total investment cost through internal resources and existing debt facilities.

The proposed acquisitions and developments are part of the REIT's strategy to expand its logistics portfolio in the UK.

Shares of the REIT were down nearly 1% in early Monday trading.

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