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Ascendas Real Estate Investment Trust (A-REIT) manager Ascendas Funds Management on Tuesday (31 March) announced the divestment of its industrial property at 26 Senoko Way back to JTC Corportation for a consideration sum of S$24.8 million – which represents a 60 percent premium over the original acquisition price of S$15.5 million back in 2007.
Located off Admiralty Road West, within Woodlands East Industrial Estate, 26 Senoko Way is a 2-storey building with a 4-storey linked extension block. It offers a net lettable area of 10,723 sq m and has a remaining land tenure of 36 years.
“The divestment is in line with the manager’s proactive asset management strategy to selectively divest properties that have reached a stage which offers limited scope for further income growth and to recycle capital and optimise A-REIT’s portfolio,” Ascendas said.
In addition, Ascendas also said the fund manager is entitled to a divestment fee of 0.5 percent of the consideration sum of the property which will be paid by A-REIT in the form of units, which shall not be sold within one year from the date of issuance.
Image: 26 Senoko Way. (Source: A-REIT)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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