Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
According to a private assessment by HSBC Institutional Trust Services (Singapore), the portfolio had a combined market price of $140.5 million as of March 29.
“Sticking to our outstanding entrance into the US logistics sector in November 2021, we delight in to acquire an additional portfolio comprising 7 logistics assets in Chicago, the major industrial industry in the nation based upon occurring space,” claims William Tay, managerial administrator and CEO of the REIT supervisor.
Ascendas REIT will obtain a profile of 7 logistics residential properties in Chicago, Illinois, in the United States. The REIT’s supervisor, Asendas Funds Supervision, declared that the full acquisition factor for the portfolio is $133.2 million.
He includes that the profile of properties has an extensive weighted typical rent expiry of 5 years and also is totally leased to twelve tenants. The lessees involve logistics service companies, engineering firms, as well as a food vendor.
The portfolio is being collectively offered by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and also Icon Pac Owner Pool 4 Northeast/Midwest.
The procurement is anticipated to be accomplished by 2Q2022.