CapitaLand Ascendas REIT (CLAR) has announced the acquisition of a Class A logistics property in Columbus, Ohio, from DHL for S$94.5m (US$73.8m). This strategic move, set to complete in the first quarter of 2026, involves a sale and leaseback agreement with DHL, which will continue to occupy the property under a long-term lease.
The acquisition is part of CLAR’s strategy to expand its presence in key logistics markets in the US. William Tay, CEO and Executive Director of the Manager, highlighted the importance of this acquisition, stating, “The accretive acquisition underscores our strategy of selectively investing in logistics growth markets in the US with excellent connectivity and deep occupier demand.”
DHL Canal Winchester, the acquired property, is strategically located with excellent connectivity to air, rail, and road networks, making it an ideal regional logistics hub. It is situated along Highway 33, close to Downtown Columbus and Rickenbacker International Airport, a major cargo hub. The property features a modern logistics building with a gross floor area of 755,160 square feet and is fully occupied by DHL.
This acquisition will increase CLAR’s logistics assets under management in the US by 17.4%, expanding its footprint to 21 properties across five cities. The transaction is expected to be distribution per unit (DPU) accretive, with a first-year net property income yield of approximately 7.4% pre-transaction costs.
The purchase consideration was negotiated at a 3.3% discount to the property’s independent market valuation, and the acquisition will be financed through internal resources, divestment proceeds, and existing debt facilities.
