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Singapore, 15 July 2026 – CapitaLand Ascendas REIT (CLAR) is divesting Kim Chuan Telecommunications Complex at 38 Kim Chuan Road in Singapore, for a sale consideration of approximately S$200.4 million to an unrelated third party. The sale consideration is double the original purchase price of S$100.0 million at which CLAR acquired the property for in March 2005. It also represents a premium of approximately 32% to the independent market valuation¹ of S$151.8 million as at 30 June 2026.

The estimated net proceeds after divestment costs are expected to be approximately S$180.0 million. The net proceeds may be utilised for various purposes, including financing committed investments, paying down debt, extending loans to subsidiaries, funding general corporate and working capital needs, and/or making distributions to Unitholders.

Assuming the estimated net proceeds were used to repay CLAR’s borrowings as at 31 March 2026, its pro forma aggregate leverage would be approximately 41.4%, lower than 42.0% reported as at 31 March 2026.

Kim Chuan Telecommunications Complex is a 10-storey data centre building with a gross floor area of 35,456 square metres. Since its acquisition in 2005, the property had been occupied by a single tenant until 30 April 2026. 

Assuming the divestment had been completed on 1 January 2025, the pro forma impact on CLAR’s net property income and distribution per unit for the financial year ended 31 December 2025 would be a decrease of S$10.0 million and 0.203 Singapore cents, respectively. The divestment of the property is not expected to have any material impact on CLAR’s net asset value and distribution per unit for the financial year ending 31 December 2026.

The divestment is expected to be completed by the second half of 2026.

In accordance with the trust deed dated 9 October 2002 constituting CLAR (as amended, varied, and/or supplemented from time to time), the Manager is entitled to a divestment fee of 0.5% of the sale consideration which will be paid in cash. 

1. The valuation for the property was commissioned by the Manager and HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of CLAR, and was carried out by Savills Valuation And Professional Services (S) Pte Ltd using the income capitalisation method and discounted cash flow analysis.