Ascendas REIT acquires Nordic for S$122m

The latest acquisition in International Business Park will add 0.02S¢ to the company’s distribution per unit.

DMG Research noted:

YTD FY12 announced acquisitions and developments total S$291m. With the latest purchase, A-REIT’s total value of acquisitions announced in YTD FY12 is already more than those announced in FY11 at ~S$250m. In addition to the announced acquisitions and developments, our current estimates assume potential acquisition worth S$100m in 2HFY12 with a NPI yield on cost of ~6-7%.

Ample debt headroom to fund announced acquisitions and developments. Following the private placement which raised a net proceeds of S$393m in Apr 2011, we estimate A-REIT has a debt headroom of ~S$700m. Based on 50:50 debt: equity funding, we estimate the total debt amount required for announced and assumed potential acquisitions and developments is ~S$370m, which is more than covered by the available debt headroom.

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