The manager of Ascendas REIT has announced the proposed acquisition of two office properties located in San Francisco for a total purchase consideration of US$560.2 million ($768.0 million) on Nov 10.

The independent market valuations of the properties amount to some US$573 million as at Oct 15, 2020.

The properties, which are located at 510 Townsend Street and 505 Brannan Street, were acquired from B505 Industries and ARE-San Francisco No. 47.

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