Ascendas Real Estate Investment Trust said it will acquire the One@Changi City business park in Singapore for S$420 million (about $299 million).
The REIT will acquire the property from a joint venture between Ascendas Development Pte and Frasers Centrepoint Ltd, according to a statement on Wednesday to the Singapore stock exchange.
One@Changi City is a nine-storey multi-tenanted business park property, with 97.1 percent occupancy, according to the statement. After the completion of the acquisition, the REIT will own 103 properties in Singapore, 26 properties in Australia and 2 properties in China.
Shares of the Singapore-based REIT jumped in September after the firm agreed to purchase a portfolio of 26 logistics properties in Australia from the real estate arm of Singapore’s sovereign wealth fund GIC Pte and Frasers Property Australia Pty. The transaction was Ascendas REIT’s biggest acquisition at the time, according to data compiled by Bloomberg. The shares gained 3 percent over the past twelve months before the company announced a trading halt Wednesday morning.