Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
Ascendas REIT will most likely acquire a profile of seven logistics real estates in Chicago, Illinois, in the US. The REIT’s executive, Asendas Funds Management, revealed that the overall acquisition factor for the accounts is $133.2 million.
According to a private appraisal by HSBC Institutional Trust Services (Singapore), the portfolio had an aggregate market value of $140.5 million as of March 29.
“Sticking to our profitable opening right into the United States logistics sector in November 2021, we are pleased to gain an additional profile comprising 7 logistics buildings in Chicago, the biggest industrial market in the country built upon occurring area,” states William Tay, executive chief and also CEO of the REIT manager.
He includes that the portfolio of properties has a long heavy average rental expiration of five years and also is completely rented to 12 tenants. The occupants include logistics service providers, engineering companies, and also a food supplier.
The portfolio is being jointly offered by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and Icon Pac Owner Pool 4 Northeast/Midwest.
The procurement is expected to be completed by 2Q2022.