,Singapore

ESR-REIT divests 28 Senoko Drive for $12m

The proceeds will go to repayments, asset enhancements, acquisitions, buy-backs.

ESR-REIT announced RBC Investor Services Trust Singapore Limited has agreed with Tat Seng Packaging Group to divest 28 Senoko Drive, a general industrial building, for a sale consideration of $12.0m, excluding divestment costs and applicable goods and services tax.

The divestment of the property acquired in 2007 at the same price represents an 8.4% discount to the fair value of the property at $13.1m and will not have a material impact on ESR-REIT's net asset value and net property income for the financial year ending 31 December 2022. Net proceeds from the divestment will be used to repay outstanding borrowings and/or fund upcoming asset enhancements, potential acquisitions, unit buy-back, and general working capital requirements.

ESR Funds Management CEO Adrian Chui said, "In line with our portfolio optimisation strategy, this divestment represents an opportunity for us to divest one of our dated and non-core assets where there are limited redevelopment and/or asset enhancement opportunities due to the short remaining land lease. The divestment allows ESR-REIT to free up capital for growth and higher value opportunities, thus improving the quality of ESR-REIT's portfolio whilst optimising unitholders' returns."

The property is comprised of a single-storey general industrial building with an adjacent four-storey ancillary office building located within the Senoko industrial estate. The property has a remaining land lease tenure of approximately 18 years as of 31 December 2021 and a gross floor area of approximately 159,338 square feet.

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