The manager of CapitaLand Ascendas REIT (CLAR) has announced the divestment of Singapore industrial building KA Place for a consideration of $35.38 million. According to an April 20 filing, the REIT’s trustee, HSBC Institutional Trust Services (Singapore), has entered into a sale and purchase agreement to sell KA Place to KA Place SPV 1.
This consideration sum represents a 219% premium to the REIT’s purchase price of $11.1 million, back in March 2005. Moreover, it was a 55% premium to the property’s market valuation of $22.8 million as at December 31, 2022.
KA Place is a seven-storey high-specification industrial building located on 159 Kampong Ampat. It also boast of a carpark on the second storey, with a total gross floor area of 10,163sq m. KA Place also has a remaining land lease tenure of about 35 years.
The decision to divest KA Place was made in line with the manager’s …
