What happened?

CapitaLand Ascendas REIT has been on an acquisition spree recently.   Last month, they entered Spain with S$185.4 million logistics portfolio acquisition, added a US logistics property for S$94.5 million in January and acquired 2 Singapore assets for around S$700 million in June last year. On 24 March 2026, CapitaLand Ascendas REIT announced three acquisitions valued at around S$1.41 billion. This would include a logistics property in Loyang, Singapore; a 50 percent stake in Ascent, a business space asset at Singapore Science Park; and, for the first time, a 49 percent stake in a Tier III hyperscale data centre in Greater Osaka, Japan.  To fund them, CapitaLand Ascendas REIT launched an equity fund raising of at least S$900 million through a private placement and preferential offering.  I saw a question in the Beansprout Telegram group asking about our view on CapitaLand Ascendas REIT’s latest acquisition.  In this article, I...