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1 Thomas Holt Drive was named best business park redevelopment by the Property Council of Australia in 2015 Ascendas REIT has added a fifth Australian office park asset to its portfolio, as the Singapore-listed trust bets on continued demand for suburban commercial assets in the wake of the COVID-19 pandemic. Ascendas Funds Management, which manages the $9.7 billion trust, announced to the Singapore exchange on Friday that it has agreed to purchase 1-5 Thomas Holt Drive in Sydney’s Macquarie Park area from a fund managed by property investment firm AMP Capital for A$288.9 million. “We are continuing to expand our suburban office portfolio in Australia as affordable satellite hubs such as Macquarie Park remain attractive for companies seeking to decentralise from the central business district (CBD),” said Ascendas REIT chief executive William Tay in a statement.

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