By P.R. Venkat

Ascendas Real Estate Investment Trust is planning to acquire two office properties in San Francisco for a total of $560 million, aiming to establish a foothold in the U.S. technology hub.

The two properties will be acquired from B505 Industries, LLC and ARE-San Francisco, Ascendas REIT said Tuesday.

Ascendas REIT will finance the acquisition through a mix of equity, debt and internal resources.

The REIT intends to launch an equity fund raising of 1.2 billion Singapore dollars ($890.80 million) to part finance the acquisition.

"The properties are newly completed in 2017 and are fully leased to two high quality technology tenants, Stripe and Pinterest," the company said.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-09-20 1945ET