Analysts are positive on Ascendas REIT (AREIT) after the REIT announced the proposed acquisition of a cold storage facility at 1 Buroh Drive within the Jalan Buroh Food Zone for $191.9 million on Sept 14. This is the REIT’s maiden foray into cold storage facility investment in Singapore, and aligned with its strategy to grow its footprint in the logistics segment.
See: Ascendas REIT to acquire cold storage logistics facility in Singapore for $191.9 mil
The five storey ramp up logistics facility has a gross floor area (GFA) of 59,971 sqm, with a remaining land tenure of 21 years. At present, the facility is 100% occupied by five tenants.