ESR-LOGOS REIT divests 2 Tuas South Avenue 2 for $53m

It will use net proceeds from the divestment to repay outstanding borrowings, amongst others.

ESR-LOGOS REIT has divested its general industrial building at 2 Tuas South Avenue 2 for $53m.

In a bourse filing, the REIT’s manager said the sale consideration represents a 35.2% premium above its valuation of $39.2m.

The REIT will deploy the net proceeds from the divestment to repay outstanding borrowings, finance potential acquisitions, asset enhancement initiatives and redevelopments, and/or fund general working capital requirements.

Upon completion of the divestment, E-LOG’s portfolio will consist of 75 properties, excluding 48 Pandan Road held through a joint venture, located across Singapore, Japan and Australia, as well as investments in three property funds in Australia.

The divestment is expected to be completed in 4Q2023 and is subject to JTC Corporation’s approval. It will not have a material impact on E-LOG’s net asset value and distribution per unit for the financial year ending 31 December.

Follow the links for more news on

ESR Group Limited

ESR-REIT

divestment

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit