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Alexandra Technopark (ATP) tenant Hewlett-Packard Enterprise Singapore (HPE) has announced plans to vacate a total of 178,843 sq ft of space that it is occupying by the end of its relevant leases on 30 September and 30 November this year, revealed the manager of Frasers Commercial Trust (FCOT).
The space to be vacated by HPE – which currently occupies a total space of 191,846 sq ft – constitutes around 17.1 percent of ATP’s total net lettable area and 6.6 percent of the total gross rental income of FCOT for the month ended 30 June 2017.
Nonetheless, a tenant has already committed for around 24,000 sq ft of the space to be vacated by HPE, said the manager.
“The opportunity to refresh and diversify the tenant base at ATP dovetails well with the $45 million on-going asset enhancement initiative (AEI) that was announced on 23 January 2017,” it added.
Set to be completed by mid-2018, the AEI aims to transform ATP into an engaging, vibrant and stimulating business campus to enhance its competitiveness and long-term market position.
The manager shared that it is also in discussion with Hewlett-Packard Singapore (HPS), which occupies around 304,920 sq ft of space at ATP, about its plans for the space.
Accounting for 11.1 percent of the total gross rental income of the trust for the month ended 30 June 2017, HPS’ lease contract is set to expire on 30 November 2017.
“The manager will announce material developments with regard to these leases at the appropriate time.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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