Ascendas Reit to acquire a 75% stake in Galaxis from CapitaLand for S$534m.

Ascendas Reit, a real estate investment trust focusing on the industrial and business space, agreed to acquire a 75% stake in Galaxis, a business park, from CapitaLand, a diversified real estate group, for S$534m ($400m). “Following the acquisition of our initial 25% interest in Galaxis in March 2020, this proposed acquisition will allow Ascendas Reit to have full ownership of the property. It will enlarge the business and science park portfolio in Singapore by 18% to S$4.9bn and increase the number of properties we have in the vibrant one-north business park to five," Mr. William Tay, Ascendas Reit Executive Director and CEO.