A-Reit acquires Neuros & Immunos for S$125.6m

Mainboard-listed Ascendas Reit or A-Reit has acquired Neuros & Immunos, a science park property at Biopolis for S$125.6 million.

A-REIT said the acquisition will strengthen its leadership position in the business & science park segment while providing a stable stream of income as the properties enjoy 100 per cent occupancy.

Strategically located at Biopolis, the bio-medical research hub at one-north, the properties are within walking distance of the Buona Vista MRT station.

Neuros & Immunos are a pair of seven-storey multi-tenanted science park buildings sited on a land area of over 8,000 square metres with a 30-year land lease tenure with effect from February 2005.

The transaction is subject to the approval of JTC Corporation.

Separately, A-Reit has launched a private placement that could raise up to S$400 million in gross proceeds to fund its property purchases.

The commercial property reit will issue 209.4 million units to investors at an offer price of between S$1.91 and S$1.96 for each unit.

Source : Channel NewsAsia – 31 Mar 2011

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