Aims APAC REIT (AA REIT) has entered into an option agreement to acquire two industrial buildings on the fringes of central Singapore for a total of approximately S$56.65m (€37m).
The Singapore-listed trust said the assets are situated near the Urban Redevelopment Authority-designated Paya Lebar commercial and retail hub.
Russell Ng, CEO of Aims Funds Management, AA REIT’s manager, said: “The proposed acquisition of the Framework Building is a strategic addition to our portfolio and reinforces AA REIT’s position as a disciplined, long-term investor in quality industrial assets.
“At an attractive 8.1% property yield, the proposed acquisition offers immediate DPU accretion for unitholders.”
George Wang, chairman of Aims Funds Management, AA REIT’s manager, said the trust had a healthy balance sheet and it would continue to capture new growth opportunities.
“In an uncertain market environment, AA REIT remains well positioned to capture new acquisitions that meet our investment criteria in our core markets of Singapore and Australia to deliver sustainable long-term returns.”
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