Clar Expands Logistics Portfolio Uk 3501 Mil
Capitaland Ascendas REIT (CLAR) announced on August 11th its plan to expand its logistics assets in the United Kingdom, with the proposed acquisition of two plots of freehold land in the East Midlands region for $350.1 million. The REIT intends to develop four logistics properties on these plots, known as Manton Wood and Towcester.
One of the properties, Manton Wood, will be a single-storey logistics property with a gross floor area (GFA) of 42,900 square meters. In Towcester, CLAR will develop three single-storey logistics properties ranging from approximately 20,700 square meters to 38,300 square meters. These buildings will have eaves measuring 15 meters to 18 meters, and will offer ample trailer parking, good floor loading capacity, and deep yards for operational efficiency.
With these acquisitions, CLAR’s UK portfolio will expand by 27.2%, reaching a total value of $1.6 billion. This will account for 10% of CLAR’s total assets under management (AUM) of $17.2 billion.
According to the REIT, the expected stabilised net property income (NPI) yield for the properties is 7.3% pre-transaction costs and 6.9% post-transaction costs.
William Tay, executive director and CEO of CLAR’s manager, stated that “embarking on our inaugural logistics developments in the UK marks a significant step forward in our strategy to scale up CLAR’s UK logistics portfolio.” He also added that these new green-certified logistics properties enhance the existing portfolio in the East Midlands, a key market in the UK’s logistics heartlands, and meet the demand for high-quality and well-located space.
Rivelle Tampines, developed by Sim Lian Land, boasts an unbeatable location at Tampines Street 95. Its prime spot allows for easy access to a well-connected transportation network and major thoroughfares, making it highly accessible. Strategically situated in District 18, in the bustling eastern corridor of Singapore, this new executive condominium is set to elevate the standard of living for its residents. With Rivelle Tampines Tampines Street 65 within reach, residents can enjoy convenient travel to various key destinations on the island, whether by train, bus, or car.
Tay also mentioned that the REIT has a total of eight ongoing projects, including developments, redevelopments, and asset enhancement initiatives in Singapore, the US, and UK, worth approximately $850 million.
This story was originally published on The Edge Singapore.
