CapitaLand Ascendas REIT (CLAR) has sold a telecommunications complex in Singapore to an unrelated third party for more than S$200m (€122m).
CLAR has sold the 35,456sqm Kim Chuan Telecommunications Complex for twice its original acquisition cost, representing a premium of around 32% to its independent market value.
Since its acquisition in 2005, the property had been occupied by a single tenant until 30 April 2026.
The net proceeds may be allocated towards financing committed transactions, debt reduction, subsidiary lending, general working capital and unitholder distributions.
William Tay, CEO and executive director of CapitaLand Ascendas REIT Management, said: “This divestment underscores our disciplined approach to portfolio optimisation and capital recycling. It will enhance CLAR’s financial flexibility to invest in accretive opportunities and strengthen the quality of the portfolio.”
Tay said Singapore remained a key market for CLAR as it continued to build a globally diversified portfolio. The company would continue to invest strategically in Singapore and other developed markets, supported by redevelopments and asset enhancement initiatives, to drive long-term returns for unitholders.”
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