Singapore listed Ascendas Real Estate Investment Trust (Ascendas Reit) has announced the proposed acquisition of a new logistics property, to be developed at 500 Green Road, Crestmead, in Brisbane, Australia, for S$69.1 million (A$70.3 million).
The property will be developed by Goodman Property Services (Aust) Pty Limited, a wholly-owned subsidiary of Goodman Limited.
“This acquisition extends our logistics footprint in key distribution markets that will benefit from the robust domestic consumption and e-commerce demand in Australia. In addition, the new logistics development is expected to achieve a 5 Star Green Star rating on completion, further enhancing the overall quality of our Australian portfolio,” said William Tay, Executive Director and Chief Executive Officer of the Manager.
The logistics property is located in Crestmead, approximately 32 kilometres south of the Brisbane CBD.
Ascendas REIT said Crestmead is an established hub for interstate, intrastate and metropolitan distribution given its close proximity to key motorways such as the Logan, Gateway and Pacific Motorways that provide connections to key population areas on the eastern seaboard.
”500 Green Road will be Ascendas Reit’s tenth logistics property in Brisbane. Total net lettable area of the logistics portfolio in Brisbane is expected to increase by approximately 21% to 220,532 sqm,” said the company in a statement.