This relates to the proposed redevelopment of 1 Science Park Drive.
Ascendas Funds Management (S) Limited has disclosed that HSBC Institutional Trust Services, as trustee of Ascendas REIT, has completed the divestiture of the assets of Parcel 1.
The transfer was made to SPRINT Plot 1 TM Pte. Ltd. for a consideration of $ 103.16 million, excluding tax on goods and services.
The purpose of this sale is the redevelopment project of 1 Science Park Drive into a life sciences and innovation campus with CapitaLand.
Pursuant to the Indenture, Ascendas Funds Management will receive a divestment commission of 0.5% of the consideration, or equal to $ 515,800. This will be in the form of units of Ascendas REIT issued to the Manager, which will not be sold within one year from the date of issue.
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