CapitaLand Ascendas REIT to divest three Australian logistics properties for $64.2 mil

The management of CapitaLand Ascendas REIT (CLAR) has already revealed the suggested divestment of three logistics properties in Queensland, Australia on Dec 20.

Units in CLAR closed 1 cent lower of 0.34% down at $2.92 on Dec 20.

Presuming the proposed divestment had been performed on Jan 1, 2022, the proforma effect on CLAR’s net property income (NPI) and distribution per unit (DPU) for the FY2022 concluded Dec 31, 2022, would certainly have caused a decline of $3.9 million and 4 cents, respectively.

The overall sale point to consider for the three properties totals up to $64.2 million (A$ 73.0 million) and exemplifies a premium of 6.2% over the total market assessment of the properties of $60.4 million as at Aug 31.

Terra Hill condo floor plan

The suggested divestment, which CLAR claims lines up with its proactive asset monitoring strategy to improve the quality of its portfolio and optimise yields for unitholders, is assumed to be finished in the first quarter of 2024.

After taking off divestment expenses, net earnings from the purchase are anticipated to be $60.8 million and might be utilized for various functions consisting of financing committed investments, paying back existing financial debts, prolonging lendings to subsidiaries, funding general corporate and working capital requirements and making allotments to unitholders.

Adhering to the finalization, CLAR will certainly have 228 properties making up 97 real estates in Singapore, 33 real estates in Australia, 48 real estates in the USA and 50 real properties in the United Kingdom and Europe.

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