ESR-LOGOS sells industrial building for $39m
ESR-LOGOS Funds Management has entered into a contract of sale to divest 2 Tuas South Avenue 2, Singapore, for S$53 million ($39 million).
Located along Tuas South Avenue 2, the property is a general industrial building within the Tuas Industrial Estate. Based on Master Plan 2019, the site is Business 2 zoned with gross floor area of 20,192 square meters (217,356 square feet).
“The net proceeds from the divestment will be deployed to repay outstanding borrowings, finance potential acquisitions, asset enhancement initiatives and redevelopments and/or fund general working capital requirements,” the trust’s manager said in a statement to SGX.
Upon completion of the divestment, E-LOG’s diversified portfolio will consist of 75 properties located across Singapore, Japan and Australia, as well as investments in three property funds in Australia.