Ascendas REIT to acquire seven logistics properties in Chicago for $133.2 mil
Ascendas REIT will obtain a collection of seven logistics homes in Chicago, Illinois, in the United States. The REIT’s manager, Asendas Funds Supervision, released that the total investment factor for the portfolio is $133.2 million.
“Following our outstanding entry into the US logistics business in November 2021, we delight in to acquire an additional portfolio comprising seven logistics residences in Chicago, the biggest industrial business in the country founded on remaining space,” claims William Tay, managerial administrator as well as chief executive officer of the REIT supervisor.
The accounts is being jointly marketed by BREIT Industrial HS Property Owner, BREIT Industrial Canyon Il1M03, BCORE Jupiter NEMW 1, and also Icon Pac Owner Pool 4 Northeast/Midwest.
He includes that the portfolio of properties has a prolonged heavy common rent expiration of five years together with is completely hired to twelve lessees. The occupants include logistics provider, engineering business, and also a food supplier.
According to an independent assessment by HSBC Institutional Trust Services (Singapore), the portfolio had a collected market value of $140.5 million as of March 29.
The acquisition is expected to be completed by 2Q2022.