The sale consideration represents a 32.5% premium to the property’s valuation of $18.4 million as at March 31 (Picture: AIMS APAC REIT website)
The manager of AIMS APAC REIT (AA REIT) says the REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, has entered into a sales and purchase agreement with Crown Worldwide for the divestment of its property at 3 Toh Tuck Link.
The sale consideration of $24.388 million represents a 32.5% premium to the property’s valuation of $18.4 million as at March 31.
The property includes a three-storey factory and a five-storey ancillary office building with a total gross floor area of 12,492.4 sqm.
Read also: Industrial building on Toh Tuck Link for sale at $30 mil
Net proceeds from the divestment are expected to be reinvested to support AA REIT’s various growth initiatives, such as potential new acquisitions, asset enhancements initiatives or future redevelopment projects.
Russell Ng, CEO of the manager, says: “This aligns with our proactive asset management strategy and our continuous effort towards portfolio rejuvenation, ultimately strengthening AA REIT’s resiliency as well as delivering long term sustainable returns for our unitholders.”
The divestment is set to be completed by the first half of 2025, subject to JTC Corporation’s approval.
Following the divestment, AA REIT’s portfolio will comprise 27 properties across Singapore and Australia.