Clar Expands Logistics Portfolio Uk 3501 Mil
Capitaland Ascendas REIT (CLAR) recently announced its plans to expand its logistics assets in the UK with a total investment of $350.1 million. The real estate investment trust aims to acquire two plots of freehold land in the East Midlands region, one of the key logistics markets in the UK. This strategic move is in line with CLAR’s objective to grow its logistics portfolio and diversify its asset base.
The proposed acquisitions include a development project for a single-storey logistics property with a gross floor area of 42,900 square meters at Manton Wood, and three single-storey logistics properties ranging from approximately 20,700 sqm to 38,300 sqm at Towcester. These buildings will feature eaves measuring 15 to 18 meters, ample trailer parking, good floor loading capacity, and deep yards, all of which are designed for optimal operational efficiency.
By expanding its presence in the UK market, CLAR’s UK portfolio will increase by 27.2% to $1.6 billion, making up 10% of its total assets under management (AUM) of $17.2 billion.
According to CLAR, the stabilized net property income (NPI) yield for these properties is expected to be around 7.3% pre-transaction costs and 6.9% post-transaction costs. This demonstrates the attractive returns that can be achieved through these acquisitions.
William Tay, executive director and CEO of CLAR’s manager, expressed the REIT’s excitement about this new development. This marks a significant step forward in CLAR’s strategy to strengthen its presence in the UK logistics market. Tay also added that these new properties are of premium quality and environmentally friendly, which will appeal to occupiers and meet their growing demand for high-quality and well-located space.
This move is part of CLAR’s larger strategy to increase its presence in the logistics sector, not just in the UK but also in other markets. It is also currently working on other projects in Singapore, the US, and the UK, worth approximately $850 million. These initiatives include developments, redevelopments, and asset enhancement projects.
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This story was first published on https://www.theedgesingapore.com/.