CapitaLand Ascendas REIT acquires $94.5m US logistics site from DHL unit

The property will be leased back to DHL.

CapitaLand Ascendas REIT Management Limited has acquired DHL Canal Winchester, a class A logistics property in Columbus, Ohio, for $94.5m.

In a bourse filing, the manager of CapitaLand Ascendas REIT (CLAR) said the acquisition, done through a sale and purchase agreement between CLAR’s indirect wholly owned subsidiary Ascendas Reit Columbus 1 LLC and DHL unit RES Canal Winchester I LLC, aligns with CLAR’s strategy to grow its US logistics portfolio selectively.

Upon completion of the acquisition, DHL will lease back the entire property under a long-term lease until December 2030, with options to renew for two additional five-year terms.

DHL Canal Winchester, completed in 2024, is situated along Highway 33, less than 30 kilometres from Downtown Columbus and Rickenbacker International Airport, which is a cargo-dedicated international logistics hub with direct flights to Asia, Europe and the Middle East.

The property comprises a single-storey logistics building with a gross floor area of 755,160 square feet.

“DHL Canal Winchester will enhance the quality of CLAR’s portfolio by increasing the proportion of modern logistics assets to 52.4% of CLAR’s US logistics portfolio by assets under management,” the statement read.

William Tay, CEO and executive director of the manager, said this is CLAR’s second sale and leaseback transaction with DHL in a key US logistics hub.

“Similar to our first transaction with DHL for DHL Indianapolis Logistics Center which was completed in January 2025, DHL Canal Winchester will strengthen CLAR’s resilient income with its long-term lease and built-in annual rental escalations, which is expected to further enhance the quality and stability of our US logistics portfolio,” Tay said.