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

The proposed divestment, in which CLAR claims lines up with its positive property management strategy to improve the class of its portfolio and optimise gains for unitholders, is assumed to be finished in the first quarter of 2024.

Presuming the recommended divestment had definitely been completed on Jan 1, 2022, the proforma influence on CLAR’s net property income (NPI) and distribution per unit (DPU) for the FY2022 concluded Dec 31, 2022, will have resulted in a decrease of $3.9 million and 4 cents, respectively.

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

The management of CapitaLand Ascendas REIT (CLAR) has recently declared the proposed divestment of three logistics real estates in Queensland, Australia on Dec 20.

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

The Myst Condo Upper Bukit Timah

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

After deducting divestment costs, remaining earnings from the sale are projected to be $60.8 million and can be used for various functions including funding dedicated investments, settling existing debts, expanding lendings to subsidiaries, funding basic company and working capital requirements and making allotments to unitholders.


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