ESR-LOGOS REIT secures 20-year master lease for 3 Tuas South Ave 4

PharmaGend Global Medical Services is the lessee.

ESR-LOGOS REIT (E-LOG)has inked a 20-year master lease with PharmaGend Global Medical Services (PharmaGend) at 3 Tuas South Ave 4.

In a bourse filing, the REIT said the master lease represents a “|contribution of approximately 1.0% of E-LOG’s portfolio rental income as of 30 September 2023.”

The lease also extends E-LOG’s weighted average lease expiry (WALE) from 3.4 years to 3.5 years and represents a positive rental growth of over 35% over the previous lease. 

3 Tuas South Ave 4 is a three-storey pharmaceutical manufacturing facility located at the entrance of Tuas Biomedical Park.

The property has a gross floor area of 29,449 sqm and sits on a land area of 59,708 sqm, with an unutilised plot ratio providing an additional c.19,000 sqm of potential gross floor area for future expansion and has a remaining land tenure of 35.3 years.