ESR-LOGOS sells 81 Tuas Bay Drive for $35m, gains 16.7% above valuation

It expects to complete the divestment in Q4 2024.

ESR-LOGOS (E-LOG) has divested its 81 Tuas Bay Drive property for $35m.

In a bourse filing, the REIT said the sale consideration for the asset represents a 16.7% premium above its valuation of $30m.

The REIT will use the proceeds from the divestment to repay outstanding borrowings, finance potential acquisitions, asset enhancement initiatives and redevelopments and/or fund general working capital requirements.

Post divestment, E-LOG’s portfolio will comprise 70 properties across Singapore, Japan, and Australia, excluding 48 Pandan Road, held through a joint venture.

The REIT expects to complete the divestment in Q4 2024.

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