ESR REIT files proofs of claim against Hyflux

Hyflux Membrane is one of the top 10 tenants of the REIT’s 8 Tuas South Lane property.

ESR REIT's trustee RBC Investor Services Trust Singapore has filed a proof of claim against Hyflux and Hyflux Membrane involving their restructuring-related obligations owed to ESR REIT, it said in an announcement.

Hyflux Membrane is one of ESR-REIT’s top 10 tenants who accounted for approximately 3.5% of the total rental income for December 2018. The rental income received from Hyflux Membrane for 4Q2018 was approximately $2.1m.

Hyflux Membrane has not defaulted in its payment of rental pursuant to the lease agreements entered into with ESR-REIT in relation to the property located at 8 Tuas South Lane. Pursuant to the lease agreements, ESR-REIT presently holds security deposits equivalent to three months of rental in the form of bank guarantees amounting to approximately $2.1m, which have not been drawn down.

Since the property is next to the upcoming Tuas Mega Port, ESR REIT CEO Adrian Chui said they have been receiving leasing interest and enquiries for space at the property.

ESR REIT added that their distributable income could fall 5.4% if Hyflux Membrane is unable to fulfill its lease obligations and ESR REIT is unable to lease out any of the space in the property om 2018.

In a separate announcement, ESR REIT said it bagged an unsecured loan facility of $155m from Australia and New Zealand Banking Group Limited, Singapore branch; CTBC Bank Co., Ltd., acting through its Singapore branch; and Standard Chartered Bank, Singapore branch.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The partnerships aim to improve care delivery and patient outcomes.
The KoolLogix cooling system for data centres uses passive heat extraction and removal.
This is the first-of-its-kind collaboration between an index provider and an airport group.
The new initiative is targeted towards offering greater savings and flexibility.
Mapletree Logistics Trust was seen with the most growth.
Flexibility, specificity, and customer-centred approaches prove to be the edge in today’s enterprise application software companies.
The list is from Investigoal, which gave Singapore a score of 8. 
It won't push through with the acquisition of the majority of stake in a Vietnam property firm.
DBS Country Head Shee Tse Koon has apologised for the disruptions.
Only two in five Singaporean internet users are aware of NFTs.
October postings were up by 76% from February 2021.
Three of the four initiatives were spearheaded by Enterprise Singapore.
The agreement comprises two payments.
MTI cited four downside risks that will affect the economy's growth next year.