CLAR (CapitaLand Ascendas REIT) acquires Seagate Singapore R&D Building for US$163 Million

CapitaLand Ascendas REIT (CLAR) has reached an agreement to purchase an R&D and business park property in Singapore’s One North district for S$218.2 million ($163.2 million). The building, located at 26 Ayer Rajah Crescent and constructed in 2015, serves as Seagate’s primary hub for research and development outside the United States.

Named The Shugart after Seagate’s co-founder Alan Shugart, the asset spans a net lettable area of 40,880 square meters, encompassing a six-storey podium and a nine-storey tower.

CLAR, listed on the Singapore Exchange, plans to acquire the property from Seagate Singapore and lease it back to the technology company for ten years, with an option for an additional 10-year renewal. The leasehold property has a remaining land tenure of 20 years.

William Tay, CEO of CLAR’s manager owned by CapitaLand Investment, stated, “The acquisition of Seagate’s Singapore R&D facility aligns strategically with our existing portfolio. Singapore remains one of our core markets, and we are expanding our presence with this highly desirable asset in the heart of the R&D and technology district at One North.”

CLAR already owns properties in One North, including Nexus, Galaxis, the Grab headquarters, Neuros & Immunos, and Nucleos, representing S$1.7 billion in assets under management and a net lettable area of 2 million square meters. Upon completing this acquisition, the REIT’s footprint in the new-economy hub will increase to S$1.9 billion in assets under management and 2.5 million square meters of net lettable area. The proportion of business space and life sciences properties in the trust’s S$16.7 billion portfolio will rise to S$8.1 billion.

CLAR will pay S$496 ($371) per square meter of net lettable area for The Shugart, a 5.1 per cent discount to an independent market valuation. The property offers R&D and cleanroom facilities, data centre space, and employee amenities such as a sky garden, multi-purpose sports hall, and gymnasium. The initial net income yield is estimated at 8.3 per cent.

The acquisition is expected to be completed in the second quarter of 2023, with a total cost of S$232.4 million after fees and duties. Following the transaction, CLAR will own 231 investment properties, including 98 in Singapore, 36 in Australia, 48 in the United States, and 49 in Europe.

In conjunction with the acquisition of The Shugart, CLAR has announced a private placement to raise S$450 million in capital. The proceeds will be allocated towards financing the purchase of The Shugart, funding a potential acquisition in a key gateway city in Europe, and supporting the proposed redevelopment of a logistics property in Singapore.

This tech-focused acquisition by CLAR follows a similar trend in Singapore’s investment landscape. SC Capital Partners recently acquired a plot of land in mainland China to develop into a facility for an electric car battery maker. The project in Suzhou Industrial Park near Shanghai spans 50,000 square meters and will offer 103,000 square meters of gross lettable area. Zero Point, an EV battery pack company, has already committed to becoming the anchor tenant, utilizing the space for R&D and battery pack production, while the remaining area will be leased to other high-tech manufacturers.

凯德置地雅诗达房地产投资信托(CLAR)已达成协议,以2.182亿新元(1.632亿美元)的价格购买新加坡One North区的一处研发和商业园区物业。该大楼位于26 Ayer Rajah Crescent,于2015年建成,是西数(Seagate)在美国以外地区的研发主要枢纽。该资产以西数联合创始人艾伦·舒加特(Alan Shugart)的名字命名,净可出租面积为40,880平方米,包括一个六层高的裙楼和一个九层高的塔楼。

CLAR在新加坡交易所上市,计划从西数新加坡处收购该物业,并将其租回给该科技公司,租期为十年,可选择续租十年。该租赁物业的土地租赁期限还剩20年。

凯德置地投资所属的CLAR的首席执行官威廉·泰(William Tay)表示:“收购西数新加坡的研发设施与我们现有的投资组合战略相吻合。新加坡仍然是我们的核心市场,我们将通过这一位于One North研发和技术区核心地带的高度理想资产扩大我们的业务。”

在One North区,CLAR已拥有包括Nexus、Galaxis、Grab总部、Neuros & Immunos和Nucleos在内的物业,总管理资产为17亿新元,净可出租面积为200万平方米。完成此次收购后,REIT在这个新经济中心的占地面积将增加到19亿新元,净可出租面积达到250万平方米。信托组合中商业空间和生命科学物业的比例将增至81亿新元。

CLAR将以496新元(371美元)的价格每平方米净可出租面积购买The Shugart,这一价格相对于独立市场估值享有5.1%的折扣。该物业提供研发和洁净室设施、数据中心空间以及员工便利设施,如空中花园、多功能运动馆和健身房。初步净收入预计为8.3%。

预计该收购将于2023年第二季度完成,总费用为2.324亿新元(包括费用和税款)。交易完成后,CLAR将拥有231个投资物业,其中98个位于新加坡,36个位于澳大利亚,48个位于美国,49个位于欧洲。

与收购The Shugart同时,CLAR宣布了一项私募计划,以筹集4.5亿新元的资金。资金将用于The Shugart的购买、资助在欧洲的一个关键门户城市的潜在收购,并支持新加坡一处物流物业的拟议重新开发

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