- CapitaLand Ascendas REIT (SGX:A17U)’s 1Q24 business update showed continued strong momentum in rent growth offset by slightly higher vacancies.
- During the quarter, CapitaLand Ascendas REIT completed the divestment of three Australian assets and more of such divestments are likely this year.
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Positive rent reversion of 16.9%
- Positive rent reversion (1Q24) of 16.9% (4Q23: 15.2%, FY23: 13.4%) indicating continued strong demand for industrial assets.
- Singapore portfolio remains a key growth driver, registering a healthy double-digit (+16%) rent reversion during the quarter led by the logistics segment which saw a stellar 62% increase in renewal rates highlighting the strong market rent growth over the last few years.
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Slight dip in portfolio occupancy to 92.3%
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