ESR-LOGOS REIT divests industrial property for $35.3m

The property is located in the Bukit Merah district.

ESR-LOGOS REIT (E-LOG), through its trustee RBC Investor Services Trust Singapore Limited, has entered into a contract sale to divest its high-specs industrial property in Bukit Merah district for $35.3m.

In a bourse filing, the REIT said the divestment of 2 Jalan Kilang Barat (2JKB) will not have a material impact on its net asset value and distribution per unit for the financial year ending 31 December.

E-LOG will use the net proceeds from the sale to “repay outstanding borrowings, finance upcoming asset enhancements/redevelopments and/or fund general working capital requirements.”

Following completion of the divestment in Q422, E-LOG’s diversified portfolio will consist of 80 properties across Singapore and Australia.