The manager of AIMS APAC REIT (AA REIT) has announced that 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 located at 3 Toh Tuck Link. The sale consideration of $24.388 million is a significant increase of 32.5% from the property’s valuation of $18.4 million as of March 31. The property, which consists of a three-storey factory and a five-storey ancillary office building with a total gross floor area of 12,492.4 sqm, has attracted a premium price.
According to Russell Ng, CEO of the manager, the divestment aligns with the REIT’s proactive asset management strategy and efforts to continuously rejuvenate its portfolio. The net proceeds from the sale will be reinvested to support the REIT’s growth initiatives, including potential new acquisitions, asset enhancement initiatives, or future redevelopment projects. This move not only strengthens the resiliency of AA REIT but also ensures sustainable returns for its unitholders in the long term.
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The divestment is expected to be completed in the first half of 2025, subject to approval from JTC Corporation. After the completion of the sale, AA REIT’s portfolio will consist of 27 properties located in Singapore and Australia. This divestment marks a strategic step towards the REIT’s goal of portfolio rejuvenation and growth.