SINGAPORE - Ascendas Real Estate Investment Trust (A-Reit) has agreed to sell A-Reit Jiashan Logistics Centre in near Shanghai, China, for S$26 million, the trust's manager said in a filing to the Singapore Exchange on Thursday (June 9).

The sale price is 24 per cent higher than the total development cost of about S$20.9 million, and 3 per cent higher than the book value of S$25.2 million as at March 31, 2016, said the trust manager.

Net proceeds from the sale to Goodman Developments Asia and GCLP Developments No 3 (BVI) Ltd, are expected to be S$23.5 million, after tax and divestment costs.

Said Mr Chia Nam Toon, chief executive officer of the trust manager: "This will further strengthen our resources to look at other opportunities in Singapore, Australia and China."

Post completion of divestments of both Ascendas Z-link and A-Reit Jiashan Logistics Centre, A-reit will own 103 properties in Singapore, 27 properties in Australia and 1 property in China.