CapitaLand Ascendas REIT divests local industrial building at 219% premium from 2005 purchase price
CLAR’s manager has announced the divestment of Singapore industrial building KA Place for a consideration of $35.38 million. The figure represents an impressive 219% premium to CLAR’s purchase price of $11.1 million in March 2005, as well as a 55% premium to the property’s market valuation of $22.8 million as of the end of 2022.
KA Place at 159 Kampong Ampat is a seven-storey high-specification industrial building which features a carpark on the second floor, and a total gross floor area of 10,163sq m. It also has a remaining land lease tenure of about 35 years.
The proposed divestment is in line with the REIT’s proactive asset management strategy to improve the quality of CLAR’s portfolio and optimise returns for unitholders. After carefully evaluating the situation, the manager has decided that this is an opportune time to divest the property and deploy the proceeds from the sale towards value-adding opportunities.…