As the pandemic drags on, REITs are busy shopping for bargains. Early this month, Frasers Centrepoint Trust (SGX: J69U), or FCT, announced the acquisition of the remaining 63% of AsiaRetail Fund, which owns a portfolio of five suburban malls. And just last week, Keppel REIT (SGX: K71U) entered into an agreement to purchase a commercial property in Sydney, Australia. Now, Ascendas REIT (SGX: A17U), under CapitaLand Limited’s (SGX: C31) stable of REITs, has announced the acquisition of a suburban office in Sydney’s Macquarie Park.

Details of the transaction

Ascendas REIT will acquire a development in 1 Giffnock Avenue named MQX4 for A$167.2 million from the developers Frasers Property Industrial, a unit of Frasers Property Limited (SGX: TQ5), and Winten Property Group. The two property developers will be designing and developing the property. The total cost for the transaction is expected to be slightly lower at A$166 million as the REIT will receive a