Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
The portfolio is being collectively sold off by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and Icon Pac Owner Pool 4 Northeast/Midwest.
According to an independent assessment by HSBC Institutional Trust Services (Singapore), the portfolio had an aggregate market price of $140.5 million since March 29.
“”Sticking to our profitable opening into the US logistics market in November 2021, we delight in to get one more portfolio making up seven logistics residential properties in Chicago, the most extensive commercial market in the nation based on existing space,” mentions William Tay, managerial administrator and chief executive officer of the REIT executive.
Ascendas REIT will get a profile of seven logistics real estates in Chicago, Illinois, in the United States. The REIT’s manager, Asendas Funds Administration, declared that the complete purchase consideration for the accounts is $133.2 million.
He adds that the profile of residences has a prolonged weighted ordinary lease expiry of five years and is completely rented to 12 lessees. The lessees consist of logistics service contractors, engineering firms, and also a food merchandiser.
The acquisition is expected to be finished by 2Q2022.