Deal to acquire Sime Darby Business Centre collapses

AIMS APAC REIT to be refunded of $1.02m option fee.

AIMS APAC REIT’s deal to acquire Sime Darby Business Centre at 315 Alexandra Road, Singapore, collapsed after the conditions for the acquisition were not met. 

The REIT was supposed to acquire the property for $102.0m from Aster (Alexandra) Pte. Ltd.

“The re-negotiation of the principal terms and conditions of the Acquisition were not concluded and hence, the necessary regulatory approvals were not obtained by the target date of 1 July 2022,” the AIMS APAC REIT’s manager announced in a bourse filing.

“Accordingly, the conditions precedent under the put and call option agreement entered into between the Purchaser and the Vendor in relation to the Acquisition on 27 January 2021 has not been met,” the manager added.

AIMS APAC REIT will be entitled to a refund of the option fee of the $1.02 million it earlier paid.