Acendas Funds Management (S) Limited, the manager of Ascendas Real Estate Investment Trust (A-REIT) announced on 17 February 2010 that A-REIT has signed separate conditional Sale and Purchase (S&P) agreements to acquire two properties for a total purchase consideration of $131 million and a Memorandum of Understanding (MOU) for the purchase of a property under development in Jurong for $97.5 million.

The transactions are:

·         S&P Agreement to acquire DBS Asia Hub at 2 Changi Business Park Crescent in an Interested Party Transaction for $116.0 million.

·         S&P Agreement to acquire 31 Joo Koon Circle along Jalan Ahmad Ibrahim, near the intersection of Pan Island Expressway and Ayer Rajah Expressway for $15.0 million.

·         MOU for the purchase of a property under development in Jurong for $97.5 million. This property will only be acquired upon its completion which is expected to be in 2011/2012.

Tan Ser Ping, Chief Executive Officer of Acendas Funds Management said, “We are pleased to announce these two acquisitions which demonstrate Acendas Funds Management’s focus on enhancing its portfolio through disciplined investments. These properties are well located and are easily accessible via major expressways with prominent frontage and good building specifications. In addition, they enjoy full occupancy by established tenants which provide a stable stream of income.”