Ascendas Real Estate Investment Trust, Singapore's largest REIT, has acquired a 1.4M SF portfolio of seven industrial properties in the Chicago area for an estimated $99M.
The deal is the second major US acquisition for Ascendas in the past year. Last fall, the REIT acquired a 2.1M SF portfolio in Kansas City for $156M.
Ascendas is an established logistics real estate player in Singapore, Australia and the UK. The REIT said its US growth strategy involves buying well-located, highly occupied last-mile assets.
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