Asset Acquisitions And Disposals :: Completion Of Acquisition Of 500 Green Road In Brisbane, Australia

(Constituted in the Republic of Singapore

pursuant to a trust deed dated 9 October 2002 (as amended))

COMPLETION OF ACQUISITION OF 500 GREEN ROAD IN BRISBANE, AUSTRALIA

Capitalised terms used herein, unless otherwise defined, shall have the meanings ascribed to them in the press release of Ascendas Real Estate Investment Trust dated 23 December 2020 in relation to the proposed acquisition of 500 Green Road in Brisbane, Australia (the "Press Release").

Further to the Press Release, Ascendas Funds Management (S) Limited, in its capacity as manager of Ascendas Real Estate Investment Trust, is pleased to announce that the acquisition of a new logistics property located at 500 Green Road, Crestmead, in Brisbane, Australia (the "Property"), has been completed. The Property, which was acquired for an Acquisition Consideration of S$69.1 million1 (A$70.3 million), achieved practical completion on 11 February 2022.

Following the completion of the acquisition, Ascendas Reit owns 95 properties in Singapore, 35 properties in Australia, 41 properties in the United states and 49 properties in the United Kingdom/Europe.

BY ORDER OF THE BOARD

ASCENDAS FUNDS MANAGEMENT (S) LIMITED

(Company Registration No. 200201987K)

(as manager of Ascendas Real Estate Investment Trust)

Michelle Koh

Company Secretary

14 February 2022

1 Based on an illustrative exchange rate of A$1.000: S$0.983 as announced in the Press Release.

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Important Notice

This press release may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training, property operating expenses), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business.

You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this press release. Neither Ascendas Funds Management (S) Limited ("Manager") nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use of, reliance on or distribution of this press release or its contents or otherwise arising in connection with this press release.

The past performance of Ascendas Real Estate Investment Trust ("Ascendas Reit") is not indicative of future performance. The listing of the units in the Ascendas Reit ("Units") on the Singapore Exchange Securities Trading Limited (SGX-ST) does not guarantee a liquid market for the Units. The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST.

This press release is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units.

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