The manager of ESR-REIT, a Singapore-listed industrial REIT, announced on Feb 6 that it is selling a property a property at Bukit Batok to shipping supplier MSS Marine & Offshore for $23.9 million, excluding divestment costs and applicable GST.
The selling price marks a 1.3% premium above the property’s book value of $23.6 million, based on a valuation by Edmund Tie & Company (ET&Co) as at Dec 31, 2017.
Located at Bukit Batok Street 22, the property comprises a five-storey warehouse industrial building, an ancillary office and a basement carpark. It sits on a triangular land plot measuring 67,360 sq ft and has a gross floor area of 157,860 sq ft.
According to the REIT’s manager, the property has a remaining land tenure of about 35 years. It has limited redevelopment potential due to its small land area, adds the manager.
Completion of the sale is slated for 1H2018, and is subject to approval from JTC Corporation. The REIT’s manager intends to use proceeds from the sale for debt repayment, potential acquisition opportunities, asset enhancement initiatives, and/or working capital purposes.
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