ESR-Reit

Core DPU rises 4.5% year on year to S$0.1125 and accounts for about 98% of total DPU

This adds to its recently proposed acquisition of five logistics properties in the same area

The acquisition is expected to be 4.3% DPU accretive

Total distributable income rises 1.4% year on year to S$44.8 million

Geopolitical tensions ‘have contributed to volatility in energy prices and inflation expectations’, it notes

It has pulled US$700 million in foreign capital to Singapore over the last two years, and aims to double core AUM to more than US$80 billion by 2030

These goals will be achieved through selective redevelopments and acquisitions, while actively paring short land lease assets

The property’s location in Changi Business Park provides access to an established corporate tenant base

The move is part of Reit’s strategy to offload non-core assets, particularly those suffering lease decay