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

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

The executive of CapitaLand Ascendas REIT (CLAR) has already revealed the recommended divestment of three logistics estates in Queensland, Australia on Dec 20.

After taking off divestment prices, remaining earnings from the revenue are expected to get $60.8 million and can be utilised for different purposes featuring funding focused assets, settling present financial obligations, extending lendings to subsidiaries, financing basic business and business assets needs and making dispersals to unitholders.

The Hill @ One North floor plan

The suggested divestment, which CLAR says aligns with its proactive asset management strategy to enhance the quality of its profile and optimize gains for unitholders, is anticipated to be completed in the very first quarter of 2024.

Assuming the recommended divestment had definitely been finished on Jan 1, 2022, the proforma influence on CLAR’s net property income (NPI) and distribution per unit (DPU) for the FY2022 ended Dec 31, 2022, would have resulted in a decline of $3.9 million and 4 cents, specifically.

Following the finalization, CLAR will own 228 real properties consisting of 97 real estates in Singapore, 33 real estates in Australia, 48 properties in the USA and 50 real estates in the United Kingdom and Europe.

The overall sale point to consider for the 3 commercial properties amounts to $64.2 million (A$ 73.0 million) and represents a premium of 6.2% over the total market evaluation of the real properties of $60.4 million as at Aug 31.