CapitaLand Ascendas REIT to divest three Australian logistics properties for $64.2 mil

The full sale consideration for the three properties amounts to $64.2 million (A$ 73.0 million) and exemplifies a premium of 6.2% over the total market valuation of the estates of $60.4 million as at Aug 31.

Hillock Green condo

The recommended divestment, in which CLAR states lines up with its aggressive asset management method to enhance the quality of its profile and optimize returns for unitholders, is assumed to be completed in the very first quarter of 2024.

After subtracting divestment prices, net profits from the purchase are projected to remain $60.8 million and could be utilised for various functions consisting of financing dedicated assets, paying off existing debts, extending lendings to subsidiaries, funding general business and working capital demands and making allotments to unitholders.

Units in CLAR shut 1 cent lower of 0.34% dropping at $2.92 on Dec 20.

The executive of CapitaLand Ascendas REIT (CLAR) has recently declared the proposed divestment of three logistics real properties in Queensland, Australia on Dec 20.

Following the finalization, CLAR will certainly own 228 properties making up 97 real estates in Singapore, 33 real properties in Australia, 48 properties in the USA and 50 real estates in the UK and Europe.

Assuming the proposed divestment had been completed on Jan 1, 2022, the proforma effect on CLAR’s net property income (NPI) and distribution per unit (DPU) for the FY2022 finished Dec 31, 2022, will have resulted in a decline of $3.9 million and 4 cents, each.

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