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Sign in Sign up for a FREE subscriptionESG-Logos REIT sells 7 non-core assets for $249m
ESR-LOGOS (E-LOG) Funds Management, the manager of ESR-LOGOS REIT, has sold seven non-core assets in Singapore and Australia for S$337 million ($249 million).
The portfolio comprises six non-core assets in Singapore and 51 Musgrave Road in Australia.
The net proceeds of the proposed divestments will provide ESR-LOGOS with the flexibility to optimize its capital structure and recycle capital toward higher-quality, New Economy assets and to finance upcoming asset-enhancement initiatives and/or redevelopment works given the favorable secular trends impacting how goods are produced, delivered and consumed, in particular driving the demand for logistics facilities, ESR-LOGOS said in the release.
“We are delighted to announce the divestment of these non-core assets as part of our ongoing portfolio rejuvenation and capital recycling strategy to strategically recalibrate E-LOG to capitalize on emerging market opportunities specifically towards New Economy assets,” s
