Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
Ascendas REIT will most likely acquire an accounts of 7 logistics real estates in Chicago, Illinois, in the US. The REIT’s business manager, Asendas Funds Management, introduced that the total acquisition factor for the portfolio is $133.2 million.
“Following our profitable entrance right into the US logistics industry in November 2021, we delight in to get another portfolio consisting of 7 logistics real estates in Chicago, the major commercial market in the country based on occurring room,” states William Tay, managerial director as well as CEO of the REIT manager.
He adds that the portfolio of properties has an extensive heavy ordinary contract expiration of five years and also is fully leased to 12 renters. The tenants include logistics provider, engineering business, and a food vendor.
According to a private valuation by HSBC Institutional Trust Services (Singapore), the portfolio had a combined market value of $140.5 million since March 29.
The portfolio is being collectively sold off by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and also Icon Pac Owner Pool 4 Northeast/Midwest.
The purchase is expected to be wrapped up by 2Q2022.