AREIT – SGX

COMPLETION OF THE ACQUISITION OF GOODMAN’S STAKE IN ASCENDASMGM FUNDS MANAGEMENT LIMITED AND UNITS IN A-REIT

The Board of Directors of Ascendas-MGM Funds Management Limited (“AMFML”), as manager of Ascendas Real Estate Investment Trust (“A-REIT”, and manager of A-REIT, the “Manager”) wishes to announce that Ascendas Investment Pte Ltd, a wholly-owned subsidiary of Ascendas Pte Ltd, had on 26 March 2008, completed its acquisition of 40% interest in the Manager comprising 400,000 ordinary shares in the ordinary share capital of the Manager from Goodman Singapore Industrial Management (Aust) Pty Limited (“Goodman”).

At the same time, Ascendas Land (Singapore) Pte Ltd (“ALSPL”), has completed the acquisition of 83,241,801 units in A-REIT (“Units”), representing 6.28% of the total issued Units (the “A-REIT Sale Units”) from Goodman Singapore Pte Limited (“GSPL”).

Following the completion, AMFML is now a wholly-owned subsidiary of Ascendas Investment Pte Ltd and an indirect wholly-owned subsidiary of Ascendas Pte Ltd and Jurong Town Corporation; and it has been renamed as Ascendas Funds Management (S) Limited.

Further, following the completion, Mr Gregory Leith Goodman, Mr James Hodgkinson and Dr Peter Dodd have relinquished their directorships in AMFML. The Board of the Manager now comprises:

Mr Lew Syn Pau (Chairman of the Board)
Mr David Wong (Audit Committee Chairman)
Mr Benedict Kwek (Audit Committee Member)
Mr Swee Kee Siong (Non-Executive Director)
Ms Chong Siak Ching (Non-Executive Director)

Source : SGX