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Ascendas REIT plans to acquire the Philips APAC Center for $104.8 million

The Edge Singapore
The Edge Singapore8/4/2022 11:00 PM GMT+08  • 2 min read
Ascendas REIT plans to acquire the Philips APAC Center for $104.8 million
The property serves as the Dutch conglomerate’s Asean Pacific headquarters.Photo: Ascendas REIT
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Ascendas REIT plans to acquire the Philips APAC Center for $104.8 million from Philips Electronics Singapore, which will leaseback the property and remain as the anchor tenant.

The independent market valuation of the property as of May 31 2022 is $111.5 million.

The six-storey building comprises laboratory, research and development, warehouse and ancillary office space over a gross floor area of 37,975 square metres. It serves as the Dutch conglomerate’s Asean Pacific headquarters.

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