Bookmark & Share
Vibrant Group is considering to sell two industrial sites on Jurong Island for over S$220 million and then lease back the properties, according to an SGX filing on Friday (21 Sept).
At present, it is holding discussions with a major global property fund over the proposed sale-and-leaseback transaction. However, it’s uncertain whether the discussion would lead to a definitive contract or transaction.
Located along 121 Banyan Drive, one of the two industrial plots is occupied by a six-storey ramp-up warehouse facility and ancillary offices, while the other has an open yard and two blocks of one-storey warehouses.
Both properties are currently being used by Vibrant’s unit, LTH Logistics (Singapore) Pte Ltd, to provide value-added logistical and warehousing services to leading petrochemical firms on Jurong Island.
“The proposed sale-and-leaseback of 121 Banyan Drive will enable us to continue utilising this high-quality facility to provide integrated chemical logistics solutions for customers while unlocking value,” said Vibrant Group CEO Eric Khua.
Listed on SGX-ST in 1995, Vibrant Group was previously known as Freight Links Express Holdings. The Singapore-based firm offers a wide range of integrated logistics services such as record management, warehousing & distribution, chemical storage and logistics, as well as international freight forwarding.
It also provides financial services like asset and trust management, financial leasing services and fund management. This is in addition to its real estate business, which includes managing, developing and investing in properties.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Jurong Island industrial facility up for sale