Singapore’s listed business space and industrial real estate investment trust, Ascendas Real Estate Investment Trust (Ascendas Reit) said it has agreed to acquire a new logistics property to be developed on Lot 7, Kiora Crescent, Yennora, in Sydney, Australia, for A$23.5 million (S$21.1 million).
The property will be developed by vendor Larapinta Project Pty Ltd, the company said. The acquisition of the land has been completed and the development of the logistics property is expected to complete in the second quarter of 2021.
The logistics property is located in the established inner-western Sydney industrial precinct of Yennora, an area that is enjoying renewed growth given its proximity to central western Sydney and the trend towards last mile logistics.
”Despite the COVID-19 pandemic, Sydney continues to be the strongest industrial market in Australia…”
“Despite the COVID-19 pandemic, Sydney continues to be the strongest industrial market in Australia underpinned by robust tenant demand and sustained levels of investor interest. The acquisition of this new prime grade logistics property gives Ascendas Reit greater exposure to the Sydney market and also enhances the quality of our portfolio,” said William Tay, Executive Director and Chief Executive Officer of the Manager.