, Singapore

AIMS APAC REIT to divest four-storey property in Yishun Industrial Park

The property is up for sale for $12.88m.

AIMS APAC REIT divested a property in Yishun Industrial Park A for $12.88m after HSBC Institutional Trust Services entered a Sales and Purchase Agreement with Cantal United.

The sale price represented an 8.2% premium to the property's valuation of $11.9m.

The four-storey property on a 6,851-square-metre land site, located at 541 Yishun Industrial Park A, has a total gross floor area of 8,770 square metres and has a limited redevelopment potential with a remaining land lease tenure of 31 years.

READ MORE: CapitaLand Ascendas REIT to divest 7-storey industrial building

Russell Ng, the Manager's CEO, said the divestment is part of its proactive asset management strategy to optimise and rejuvenate its portfolio.

Net proceeds from the divestment would be utilised to repay debt initially and may be recycled for asset enhancement initiatives, redevelopment opportunities, and selective acquisitions.

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