SINGAPORE (Dec 4): Maybank Kim Eng Research is keeping Ascendas Real Estate Investment Trust (Ascendas REIT) as its top pick among Singapore REITs, after unitholders supported its proposed acquisition of a portfolio of 30 business park properties.

The manager of Ascendas REIT had on Nov 1 announced the proposed acquisition, which would see the REIT buy the 28 properties located in the US and two properties in Singapore from CapitaLand for a whopping $1.66 billion.

To help fund the proposed acquisition, the manager also proposed to undertake an underwritten and renounceable rights issue of some 498 million new units in Ascendas REIT at an issue price of $2.63 per unit to raise gross proceeds of around $1.31 billion.

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