What to expect from #Ascendas’ acquisitions of 3 science parks
Ascendas REIT (A-REIT) yesterday, Feb. 6, proposed to acquire three properties (Cintech I, Cintech II, Cintech III and Cintech IV) at Science Park Drive from Ascendas Land for a purchase consideration of S$183.0m.
According to management guidance, the properties are expected to generate an NPI yield of 7.3% and add another 0.16 S cent to DPU (assuming 50% of the purchase consideration is satisfied by new unit issue).
In a research note, OCBC said that it is positive on this development for three main reasons: (1) the acquisitions are expected to be yield accretive; 2) further strengthen A-REIT’s presence in the Science Park segment; and 3) provide further income diversification.
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