Ascendas REIT (A-REIT) has proposed to acquire the remaining 75% stake in Ascendas Fusion 5, the holding entity for Galaxis for a consideration of $534.4 million.

The proposed acquisition comes after the REIT’s acquisition of its initial 25% interest in March 2020, and now gives the REIT full control over the property.

It will enlarge the REIT’s exposure to business parks in one-north, and increase its total asset value by 17.6% to $4.87 billion.

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