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Singapore-based property developer Ascendas Reit announced its plans to acquire the remaining 75% equity stake in Galaxis, a business park in Singapore, for S$534.4mn ($400mn), following its initial 25% acquisition in March 2020. The full ownership will enlarge Ascendas’ business and science park portfolio in Singapore by 18% to S$4.9bn ($3.7bn), and increase the number of properties owned in the business park to five. The acquisition will be financed through a mix of debt financing, issue of consideration units to the vendor, Ascendas Fusion 5 Holding of up to S$83mn ($62mn), and proceeds from equity fund raising. The proportion of debt and equity financing will be decided at a later time.
Ascendas’ SGD bonds were relatively unchanged, with its 3.2% 2022s and 3% Perp trading at
102.65 and 100.92, yielding 0.7% and 2.8% respectively.
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