The manager of AIMS APAC REIT (AA REIT), Russell Ng, has announced that the REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, has signed a sales and purchase agreement with Crown Worldwide for the sale of its property located at 3 Toh Tuck Link. The sale price of $24.388 million is a 32.5% premium to the property’s valuation of $18.4 million as at March 31. The property consists of a three-storey factory and a five-storey ancillary office building with a total gross floor area of 12,492.4 sqm.
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According to Ng, the net proceeds from the divestment will be reinvested to support AA REIT’s growth initiatives, including potential new acquisitions, asset enhancement initiatives, or future redevelopment projects. This strategic move aligns with the REIT’s proactive asset management strategy and its continuous efforts towards portfolio rejuvenation, which will ultimately strengthen its resiliency and deliver long-term sustainable returns for unitholders.
The sale is expected to be completed by the first half of 2025, subject to approval from JTC Corporation. After the divestment, AA REIT’s portfolio will consist of 27 properties in Singapore and Australia. This divestment marks another step in the REIT’s journey of portfolio optimization and reinforces its commitment to delivering quality and value to its unitholders.