Ascendas REIT (A-REIT) announced that it has completed the acquisition of a CBD fringe office property located at No. 100 Wickham Street, Fortitude Valley, in Queensland, Brisbane.
The purchase consideration is A$83.8m (~S$90.3m) and including transaction costs, the total acquisition fee works out to be A$89.9m. This translates into an expected initial NPI yield of 7.6% (pre-transaction costs) and 7.1% (posttransaction costs). The acquisition would be fully debt funded.
The freehold 14-storey property has a total lettable floor area of 13,131 sqm and currently enjoys full occupancy with key tenants including the State of Queensland (Department of Health) and three data centre operators. The leases are embedded with annual rental escalations of between 3%-4% with WALE of 4.8 years, as at 30 Jun 2017.
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