The manager of AIMS APAC REIT (AA REIT) has announced that its 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. This sale is in line with AA REIT’s proactive asset management strategy and efforts to rejuvenate its portfolio for long-term sustainable returns.
The sale consideration for the property is $24.388 million, which represents a premium of 32.5% to its valuation of $18.4 million as of March 31. The property, which includes 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 high sale price due to its strategic location and potential for growth.
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The net proceeds from the divestment will be reinvested to support AA REIT’s various growth initiatives, such as potential new acquisitions, asset enhancement initiatives, or future redevelopment projects. This will further strengthen the REIT’s resilience and enhance long-term value for its unitholders.
According to Russell Ng, CEO of the manager, the divestment is in line with their continuous effort towards portfolio rejuvenation and will ultimately strengthen AA REIT’s resiliency. The sale is expected to be completed by the first half of 2025, subject to JTC Corporation’s approval.
After the divestment, AA REIT’s portfolio will comprise 27 properties across Singapore and Australia, showcasing the strong and diversified nature of the REIT’s assets. This divestment marks yet another successful transaction for AA REIT, highlighting its strong track record in managing and optimizing its portfolio.