A-REIT to buy business park building in Jurong for S$246.8m

Ascendas Real Estate Investment Trust (A-REIT) is buying a business park building in Jurong for S$246.8 million.

The property at 31 International Business Park is currently owned by multimedia firm Creative Technology.

It has a gross floor area of about 62,000 square metres and a net lettable area of some 50,000 square metres.

It includes three office towers, an auditorium and a 2,000-capacity outdoor amphitheatre.

The site has another 16 years left to its 30-year lease, but this could be extended for another 30 years.

A-REIT said the proposed acquisition, to be funded by debt or equity, is in line with its strategy of enhancing its portfolio over time. – CNA/ms

Source : Channel NewsAsia – 9 May 2008

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