CapitaLand Ascendas REIT to divest three Australian logistics properties for $64.2 mil

The full sale factor to consider for the three commercial properties is equal to $64.2 million (A$ 73.0 million) and represents a fee of 6.2% over the total market evaluation of the real properties of $60.4 million as at Aug 31.

After taking off divestment costs, final proceeds from the purchase are anticipated to be $60.8 million and can be utilised for different uses consisting of funding committed assets, paying off current financial debts, expanding loans to subsidiaries, paying for general company and business assets demands and making allotments to unitholders.

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Following the completion, CLAR will possess 228 properties consisting of 97 properties in Singapore, 33 properties in Australia, 48 real estates in the USA and 50 real estates in the UK and Europe.

Assuming the proposed divestment had definitely been completed on Jan 1, 2022, the proforma effect on CLAR’s net property income (NPI) and distribution per unit (DPU) for the FY2022 finished Dec 31, 2022, would have led to a decline of $3.9 million and 4 cents, respectively.

Units in CLAR shut 1 cent much lower of 0.34% descending at $2.92 on Dec 20.

The suggested divestment, which CLAR says lines up with its positive possession management approach to enhance the quality of its profile and optimise returns for unitholders, is anticipated to be completed in the very first quarter of 2024.

The administrator of CapitaLand Ascendas REIT (CLAR) has already released the suggested divestment of three logistics properties in Queensland, Australia on Dec 20.