Axxel Marketing Pte Ltd entered into an agreement to acquire building No. 84 Genting lane in industrial estate from Ascendas Real Estate Investment Trust (SGX:A17U) for SGD 16.7 million on December 22, 2017. Ascendas Funds Management (S) Limited, manager of Ascendas Real Estate Investment Trust entitles to receive divestment fee of 0.5% of the consideration which would be paid in cash. The transaction has been approved by JTC Corporation and expected to complete during first quarter of 2018. The proceeds from the transaction may be recycled to fund committed investment, repay existing indebtedness, extend loans to subsidiaries or fund general corporate and working capital needs. The transaction is not expected to have any material effect on Ascendas Real Estate Investment Trust net asset value and distribution per unit for the financial year ending March 31, 2018. Knight Frank Pte Ltd acted as property valuator. Axxel Marketing Pte Ltd completed the acquisition of building No. 84 Genting lane in industrial estate from Ascendas Real Estate Investment Trust on January 19, 2018.