SINGAPORE (BLOOMBERG) - Ascendas Real Estate Investment Trust said it will acquire the One@Changi business park in Singapore for S$420 million.

The Reit will acquire the property from a joint venture between Ascendas Development Pte Ltd and Frasers Centrepoint Ltd, according to a statement on Wednesday (Dec 9) to the Singapore stock exchange.

One@Changi City is a nine-storey multi-tenanted business park property, with 97.1 per cent occupancy, according to the statement. After the completion of the acquisition, the Reit will own 103 properties in Singapore, 26 properties in Australia and two properties in China.

Shares of the Singapore-based Reit jumped in September after the firm agreed to purchase a portfolio of 26 logistics properties in Australia from the real estate arm of GIC and Frasers Property Australia. The transaction was Ascendas Reit's biggest acquisition at the time, according to data compiled by Bloomberg.

The shares gained 3 per cent over the past 12 months before the company announced a trading halt on Wednesday morning.