On 31 October 2025, CapitaLand Ascendas Real Estate Investment Trust (“CLAR”) announced their third quarter business update for FY2025. There was a significant increase in aggregate leverage and decrease in occupancy this quarter. These are factors to take note of as they may create downward pressure on DPU in the next financial update. There was a notable change in the top 10 customers, with SEA Group now the top tenant accounting for 3.6% of CLAR monthly portfolio gross revenue. This was an increase from 1.8% in the previous quarter. In the business update, CLAR has announced proposed acquisitions of three industrial and logistics properties in Singapore with purchase consideration of SGD565.8 million to be completed in the first quarter of 2026. The amount is notable, and with the current high aggregate leverage, CLAR has taken steps to recycle their capital by announcing the disposals as below. Subsequent to the announcement, CLAR announced on 7 November 2025 the completion of divestment of Astmoor Road, North West England,...