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

The overall sale point to consider for the 3 real estates is equal to $64.2 million (A$ 73.0 million) and exemplifies a premium of 6.2% over the total market appraisal of the estates of $60.4 million as at Aug 31.

Assuming the suggested 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 finished Dec 31, 2022, would have resulted in a decrease of $3.9 million and 4 cents, respectively.

The manager of CapitaLand Ascendas REIT (CLAR) has revealed the proposed divestment of three logistics real estates in Queensland, Australia on Dec 20.

Units in CLAR shut 1 cent much lower of 0.34% descending at $2.92 on Dec 20.

Adhering to the finalization, CLAR will certainly have 228 assets comprising 97 real estates in Singapore, 33 real estates in Australia, 48 real estates in the USA and 50 real estates in the UK and Europe.

The proposed divestment, which CLAR claims adjusts with its aggressive property monitoring approach to boost the class of its portfolio and optimize profits for unitholders, is expected to be completed in the very first quarter of 2024.

The Arcady @ Boon Keng condominium

After taking off divestment prices, net earnings from the sale are expected to be $60.8 million and might be utilised for different uses consisting of financing committed financial investments, repaying existing debts, extending loans to subsidiaries, funding general business and business assets requirements and making allotments to unitholders.