Ascendas REIT picks up 25% stake in Galaxis business park for $72.3m

Ascendas REIT has acquired a 25 per cent stake in the Galaxis business park from Mitsui’s wholly owned subsidiary MBK Real Estate Asia for S$102.91 million ($72.3 million), the property trust’s manager said Tuesday.

William Tay, executive director and CEO of Ascendas Funds Management (S), the REIT’s manager, said the acquisition price was attractive, with a 6.2 percent net property income yield, excluding transaction costs.

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