Notice Of Valuation Of Real Assets :: Asset Valuation

(Constituted in the Republic of Singapore

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

Revaluation of Ascendas Reit's Properties

Pursuant to Rule 703 of the SGX-ST Listing Manual, the Board of Directors of Ascendas Funds Management (S) Limited, the Manager of Ascendas Real Estate Investment Trust (Ascendas Reit) is pleased to announce that CBRE Pte Ltd (CBRE), Colliers International Consultancy & Valuation (Singapore) Pte Ltd (Colliers), Knight Frank Pte Ltd (Knight Frank) and Savills Valuation And Professional Services (S) Pte Ltd (Savills), Cushman & Wakefield VHS Pte Ltd (C&W), Edmund Tie & Company (SEA) Pte Ltd (ETC), Knight Frank NSW Valuations & Advisory Pty Ltd (Knight Frank (Aus)), Cushman & Wakefield Western, Inc. (C&W (US)), CBRE, Inc. (CBRE, Inc.), Jones Lang LaSalle Limited (JLL (UK)), Newmark Knight Frank Valuation & Advisory, LLC (NKF) have completed their respective independent annual revaluation for the properties in Ascendas Reit's portfolio.

The total investment property value of Ascendas Reit's portfolio was S$16,293.7 million(1) as at 31 December 2021. This comprised of S$9,933.1 million (61%) of investment properties in Singapore, S$2,319.0 million (14%) in Australia, S$2,281.5 million (14%) in the United States and S$1,760.1 million (11%) in the United Kingdom/Europe.

These valuations (details are attached in Annex A) will be reflected in the financial statements of Ascendas Reit for the financial year ended 31 December 2021.

The valuation reports are available for inspection by prior appointment at the Manager's registered office (2) during business hours for a period of 3 months from today.

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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

8 February 2022

Notes:

1. Excludes investment properties under development as at 31 December 2021.
2. 168 Robinson Road, #30-01 Capital Tower, Singapore 068912.

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Annex A

Singapore

	No.			Property Name			Valuer			Market Value (SGD
							million)
				Business and Science Park Properties			5,003.3
				One-north						1,617.0
1			Neuros & Immunos		Knight Frank	143.0
2			Nexus @ one-north		Knight Frank	202.8
3			Nucleos		Knight Frank	346.1
4			Galaxis		Knight Frank	733.6
5			Grab Headquarters		Knight Frank	191.5
				International Business Park						431.2
6			Techquest		Knight Frank	24.9
7			Acer Building		Knight Frank	79.1
8			31 International Business Park		Knight Frank	206.1
9			Nordic European Centre		Knight Frank	121.1
				Changi Business Park						1,349.2
				17 Changi Business Park
				Central 1 (formerly Honeywell		Knight Frank	62.4
10			Building)
				1 Changi Business Park		Knight Frank	57.2
11			Avenue 1
12			Hansapoint		Knight Frank	112.7
				1, 3, 5 Changi Business Park		Knight Frank	337.8
13			Crescent
14			DBS Asia Hub		Knight Frank	206.0
15			3 Changi Business Park Vista		Knight Frank	70.7
16			ONE@Changi City		Knight Frank	502.4
				Singapore Science Park I						796.6
17			The Rutherford & Oasis		Colliers	100.0
18			Cintech I		Colliers	58.6
19			Cintech II		Colliers	49.0
20			Cintech III & IV		Colliers	125.0
21			12, 14, 16 Science Park Drive		Colliers	464.0
				Singapore Science Park II						809.3
22			The Alpha		Colliers	90.0
23			The Aries, Sparkle & Gemini		Colliers	214.0
24			The Capricorn		Colliers	123.0
25			The Galen		Colliers	150.0
26			The Kendall		Colliers	134.0
27			FM Global Centre		Colliers	98.3

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	No.			Property Name			Valuer			Market Value
							(SGD million)
				Integrated Development, Amenities & Retail Properties			714.8
28			Courts Megastore		CBRE	59.6
29			Giant Hypermart		CBRE	75.2
30			Aperia		CBRE	580.0
				High-Specifications Industrial Properties			1,574.1
31			Techlink		Savills	127.0
32			10 Toh Guan Road		Savills	119.2
33			Siemens Centre		Savills	108.7
34			Infineon Building		Savills	93.2
35			Techpoint		Savills	150.5
36			KA Centre		Savills	52.6
37			KA Place		Savills	22.7
38			Pacific Tech Centre		Savills	88.5
39			Techview		Savills	166.9
40			1 Jalan Kilang		Savills	24.3
41			30 Tampines Industrial Avenue		Savills	33.4
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42			31 Ubi Road 1		Savills	30.0
43			Schneider Electric Building		Savills	91.5
44			138 Depot Road		Savills	75.3
45			2 Changi South Lane		Savills	38.2
46			CGG Veritas Hub		Savills	15.3
47			Corporation Place		Savills	124.5
48			80 Bendemeer Road		Savills	212.3
				Data Centres					552.2
49			Telepark		Savills	272.5
50			Kim Chuan		Savills	149.9
		Telecommunications Complex
51			38A Kim Chuan Road		Savills	129.8
				Light Industrial Properties					568.5
52			Osim Headquarters		C&W	39.0
53			12 Woodlands Loop		C&W	28.6
54			247 Alexandra Road		C&W	71.1
55			5 Tai Seng Drive		C&W	21.0
56			35 Tampines Street 92		C&W	12.7
57			53 Serangoon North Avenue 4		C&W	21.0
58			3 Tai Seng Drive		C&W	18.8
59			52 Serangoon North Avenue 4		C&W	22.8
60			Tampines Biz-Hub		C&W	20.5
61			Hoya Building		C&W	8.5
62			37A Tampines Street 92		C&W	21.0
63			Hamilton Sundstrand Building		C&W	42.6

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	No.			Property Name				Valuer			Market Value
								(SGD million)
64			Thales Building (I & II)		C&W	12.9
65			Ubi Biz-Hub		C&W	18.6
66			2 Senoko South Road		C&W	40.2
67		18	Woodlands Loop		C&W	33.0
68			9 Woodlands Terrace		C&W	5.2
69		11	Woodlands Terrace		C&W	4.7
70			FoodAxis @ Senoko		C&W	93.0
71		31	Joo Koon Circle		C&W	33.3
				Flatted Factories				333.4
72			Techplace I			C&W	143.4
73			Techplace II			C&W	190.0
				Logistics & Distribution Centres				1,186.8
74		20	Tuas Avenue 1		ETC	88.3
75			LogisTech		ETC	63.1
76			Changi Logistics Centre		ETC	73.4
77			4 Changi South Lane		ETC	26.6
78			40 Penjuru Lane		ETC	231.3
79			Xilin Districentre A & B		ETC	37.9
80		20	Tuas Avenue 6		ETC	7.9
81			Xilin Districentre D		ETC	29.5
82			9 Changi South Street 3		ETC	45.3
83			5 Toh Guan Road East		ETC	29.1
84			Xilin Districentre C		ETC	29.4
85			19 & 21 Pandan Avenue		ETC	124.0
86			1 Changi South Lane		ETC	34.4
87			Logis Hub @ Clementi		ETC	27.0
88		21	Jalan Buroh		ETC	63.1
89		21	Changi South Avenue 2		ETC	22.0
90		15	Changi North Way		ETC	47.1
91			Pioneer Hub		ETC	122.0
92			71 Alps Avenue		ETC	23.7
93			90 Alps Avenue		ETC	61.7
				Total Singapore						9,933.1

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