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Ascendas REIT sells logistics centre in China for $26m
The facility is located near Shanghai.
As part of its capital recycling strategy, Ascendas REIT has initiated the sale of its Jiashan Logistics Centre which was completed in March of this year.
According to a report by OCBC, the attributable property value of S$26.0m comes in 24% higher than the total development costs of S$20.9m and is also 3% above the property’s book value of S$25.2m, as at 31 Mar 2016.
“Net proceeds after tax and divestment cost are expected to be S$23.5m, and this deal is estimated to be completed in 1QFY17,” OCBC noted.
The sale is also hot on the heels of the firm’s successful divestment of its Z-link business park property in Beijing in late May.
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