CapitaLand Ascendas REIT (CLAR) has acquired sites in the US to build a new logistics centre in Charleston, South Carolina. The seller is Summerville Logistics Center Owner, an affiliate company of Portman Industrial, an experienced US industrial development group.
The REIT said the total development cost of the project would be $70.5m (鈧�69m).
CLAR has entered into a joint venture agreement with Summerville Logistics Center Owner, which will develop the asset.
CLAR now holds a 95% interest in the venture with the remaining 5% interest held by the developer 鈥渇or alignment of interests鈥�. It intends to acquire the remaining 5% interest 鈥渨hen the property is stabilised鈥�, the company said.
William Tay, executive director and chief executive officer of the manager said the sites would be developed into a prime 鈥渂est-in-class green-certified鈥� logistics distribution property.
鈥淭his aligns with our strategy to expand our logistics portfolio to capture the growth potential in this sector,鈥� he said. 鈥淢arking our first development in the US, this opportunity will also enhance the quality of our portfolio with a new asset which generates long-term value for unitholders.
鈥淲e will continue to identify opportunities to scale up in the US, riding on on/reshoring trends, as well as targeting key growth cities and established industrial markets to serve the growing demand for quality logistics assets.鈥�
The total investment cost will be financed through internal resources and/or existing debt facilities, the manager said. The development of the property is expected to be completed in the fourth quarter of 2025.
With this latest investment, Tay said CLAR鈥檚 logistics assets under management in the US would increase by 27.9% to 鈧�306m.
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