CapitaLand Ascendas REIT (CLAR) said it will divest five industrial and logistics properties in Singapore for S$329 million (about $243.5 million) to unrelated third parties as part of its capital recycling strategy.
The properties being sold are located at 31 Ubi Road 1, 9 Changi South Street 3, 10 Toh Guan Road, 19 & 21 Pandan Avenue, and 30 Tampines Industrial Avenue 3, said CapitaLand Ascendas REIT Management Limited, the REIT’s manager.
The agreed price is about 6% above their total market valuation of S$311.3 million and 20% higher than the original purchase cost of S$274.2 million. Net proceeds are expected to reach S$313.1 million after divestment costs, per the announcement.
CLAR said the proceeds may be used for committed investments, debt repayment, loans to subsidiaries, working capital, or distributions to unitholders.
If fully used to repay borrowings, the REIT’s aggregate leverage would fall to 36.6% from 37.7% as of Dec. 31, 2024.
The transactions are expected to be completed in the fourth quarter of 2025. Upon completion, CLAR will own 226 properties across Singapore, Australia, the US, and the UK.
The planned disposals come after CLAR sold a US business space property, Parkside in Portland, for S$26.5 million in June, about 45% above its valuation. With the latest transactions, the trust has announced S$355.5 million worth of divestments so far in 2025.
In May, CLAR announced that it will acquire a data centre and a premium business park property in Singapore for a combined S$700.2 million.
CLAR is Singapore’s first and largest listed business space and industrial real estate investment trust, having debuted on the Singapore Exchange in November 2002.
As of June 30, 2025, the trust managed S$16.8 billion in assets, comprising 229 properties across three segments: Business Space & Life Sciences, Industrial & Data Centres, and Logistics.
Its portfolio spans Singapore, the United States, Australia, and Europe, supporting a diverse tenant base of about 1,790 local and international companies.
CLAR’s blue-chip tenant roster includes technology giants like Singtel, SEA Group, Stripe and Pinterest, financial institutions such as DBS Bank, Citibank and JPMorgan Chase Bank, as well as government entities like DSO National Laboratories and industrial players including Seagate Singapore and Entserve UK.
