September 18, 2015 / 1:48 AM / 4 years ago

Ascendas to buy Australian logistics' properties worth $720 mln

SINGAPORE, Sept 18 (Reuters) - Singapore’s Ascendas Real Estate Investment Trust said on Friday it will acquire 26 logistics properties in Australia for A$1 billion ($720 million) from the real estate arms of the city state’s sovereign fund GIC and Frasers Property Australia Pty Ltd.

The acquisition of the properties, located in Sydney, Melbourne and Brisbane, will establish Ascendas as the 8th largest industrial landlord in Australia, the company said in a statement.

GIC has been selling down its Australian real estate portfolio this year to focus on emerging markets and selective opportunities in Western Europe and the United States.

$1 = 1.3928 Australian dollars Reporting by Saeed Azhar; Editing by Edwina Gibbs

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