Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
The portfolio is being jointly 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.
According to an independent valuation by HSBC Institutional Trust Services (Singapore), the portfolio had an aggregate market value of $140.5 million as of March 29.
“”Sticking to our effective access right into the United States logistics market in November 2021, we are pleased to obtain another profile comprising 7 logistics homes in Chicago, the major industrial market in the nation based on existing space,” explains William Tay, managerial director and also CEO of the REIT supervisor.
He adds that the profile of business has a lengthy weighted typical contract expiry of five years furthermore is totally leased to twelve renters. The renters include logistics company, engineering firms, and also a food distributor.
Ascendas REIT will definitely get a profile of seven logistics properties in Chicago, Illinois, in the United States. The REIT’s manager, Asendas Funds Supervision, disclosed that the total investment consideration for the accounts is $133.2 million.
The purchase is anticipated to be done by 2Q2022.