Ascendas REIT Completes Divestment Of BBR Building

Ascendas REIT (A-REIT) has announced the completion of divestment of 50 Changi South Street 1, BBR Building, to BBR Holdings.

The sale price of $13.9 million is more than double the original price of $6.8 million in 2005. The proforma impact of the divestment on A-REIT’s net property income and distribution per unit for FY15 is approximately $0.86 million and 0.03 cents respectively.

Following the divestment, A-REIT will own 102 properties in Singapore and 2 business park properties in China. The divestment is in-line with the groups’s proactive asset management strategy to selectively divest properties that have reached a stage which offers limited scope for further income growth and to recycle capital and optimize A-REIT’s portfolio.

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