Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
According to a private valuation by HSBC Institutional Trust Services (Singapore), the portfolio had a combined market value of $140.5 million as of March 29.
Ascendas REIT will most likely acquire an accounts of seven logistics real estates in Chicago, Illinois, in the United States. The REIT’s executive, Asendas Funds Supervision, announced that the all-out buy consideration for the portfolio is $133.2 million.
The portfolio is being jointly sold off by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and Icon Pac Owner Pool 4 Northeast/Midwest.
William Tay includes that the profile of residences has an extensive heavy standard contract expiry of five years along with is completely hired to twelve tenants. The lessees consist of logistics service suppliers, engineering firms, and a food supplier.
“Following our successful opening right into the United States logistics sector in November 2021, we are pleased to get one more profile consisting of seven logistics properties in Chicago, the best commercial business in the country built on remaining area,” mentions Tay, managerial director as well as CEO of the REIT manager.
The acquisition is anticipated to be finalized by 2Q2022.