CapitaLand Ascendas REIT has divested three industrial properties in Australia for A$73m (€45m).

The assets in Queensland were sold at a premium of 6.2% over the total market valuation of the properties as at 31 August 2023. The assets, located in Parkinson and Larapinta, on the outskirts of Brisbane, were purchased in 2015.

The manager said the divestment was part of the trust’s proactive asset management strategy to improve the quality of its portfolio.

Proceeds from the disposals would be utilised for various purposes, including financing committed investments, repaying existing indebtedness, extending loans to subsidiaries, funding general corporate and working capital needs, and/or making distributions to unitholders, said the manager.

To read the latest IPE Real Assets magazine click here.