SINGAPORE (EDGEPROP) - Ascendas REIT is acquiring an industrial building at 1 Buroh Lane, off Jalan Buroh in Jurong, for $191.9 million. The property is being purchased from A3 Lux Alpha S.a.r.l., with completion expected in 4Q2022.

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The property is a five-storey cold-storage logistics facility with a total gross floor area of over 645,500 sq ft. It is located in the Fishery Port Food Zone, near major ports like Jurong Port, Tuas Mega Port and Pasir Panjang Terminals.

The transaction represents Ascendas REIT’s first cold storage facility investment in Singapore, according to William Tay, executive director and CEO of the REIT’s manager.

CBRE's head of industrial and logistics (Singapore and Southeast Asia), Rimon Ambarchi, notes that the property consistently enjoys 100% building occupancy given its location and specifications. “This acquisition offers the buyer an immediate robust income stream, supported by a stellar tenant roster with long and stable leases,” he adds. CBRE brokered the deal, representing A3 Lux Alpha S.a.r.l. in the transaction.

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