ESR-REIT completes divestment of building at Lok Yang Road for $6.8 mil
The properties at 1 Third Lok Yang Road and 4 Fourth Lok Yang Road (Picture: ESR-REIT website)
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ESR-REIT has completed the divestment of a property for the consideration of $6.8 million, according to a bourse filing on March 24.
The property spans 1 Third Lok Yang Road and 4 Fourth Lok Yang Road, and the sale consideration represents a 3.5% premium above its valuation of $6.6 million.
The property spans across 4 Fourth Lok Yang Road to 1 Third Lok Yang Road (Source: EdgeProp Landlens)
The group said that the net proceeds of the divestment will be deployed to repay outstanding borrowings, finance potential acquisitions, asset enhancement initiatives and redevelopments and or fund general working capital requirements.
It is not expected to have a material impact on the REIT’s net asset value and distribution per unit for the financial year ending Dec 31, 2025.
The REIT’s portfolio now stands at 71 properties, excluding 48 Pandan Road, held through a joint venture. Its properties are located in Singapore, Japan and Australia.
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