Aims Apac Reit to divest warehouse in Singapore for S$24.4 million

The sale price is a 32.5% premium to the property’s valuation as at Mar 31, 2024

AIMS Apac Real Estate Investment Trust (AA Reit) is divesting a warehouse at 3 Toh Tuck Link in Singapore for S$24.4 million.

The sale price represents a 32.5 per cent premium to the property’s valuation of S$18.4 million as at Mar 31, 2024, the Reit manager said in a bourse filing on Tuesday (Dec 10) evening.

The buyer is Hong Kong-headquartered multinational logistics company Crown Worldwide. Subject to JTC Corporation’s approval, the divestment is set to complete by the first half of next year.

Net proceeds from the divestment may be re-invested to support AA Reit’s various growth initiatives, including potential new acquisitions, asset enhancement initiatives or future redevelopment projects, said Russell Ng, chief executive officer of the manager.

“This aligns with our proactive asset management strategy and our continuous effort towards portfolio rejuvenation, ultimately strengthening AA Reit’s resiliency as well as delivering long-term sustainable returns for our unitholders,” he added.

The warehouse located in the Toh Tuck Industrial Estate is in part a three-storey factory and a five-storey ancillary office building with a total gross floor area of 12,492.4 square metres.

Following the divestment, AA Reit’s portfolio will comprise 27 properties across Singapore and Australia.

Units of AA Reit closed S$0.01 or 0.8 per cent higher at S$1.26.

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