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AIMS AMP Capital Industrial REIT (AA REIT) has received the temporary occupation permit (TOP) for its first third-party greenfield development at 51 Marsiling Road.
The building will be fully leased to Beyonics International Pte Ltd for a ten-year term with rent escalations, revealed the Reit’s manager in an SGX filing.
This will provide AA Reit with an estimated net property income of $3.5 million in the first year (after fitting-out period), with the rental income expected to start in the first quarter of FY2019.
Valued at $43 million, the five-storey purpose-built industrial facility will have a gross floor area of around 231,738 sq ft and will serve as the new global headquarters of Beyonics.
According to Koh Wee Lih, chief executive officer of the Reit’s manager, the project not only marks their first third-party greenfield development, but also highlights their strong development capabilities as well as builds on their successful track record with four prior redevelopment projects.
“The development is also in line with our strategy of seeking yield accretive investments while minimising risks and delivering value for our unitholders through proactive asset and lease management,” he added.
(Photo: AMPCapital)
This article was edited by Keshia Faculin.
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