Aims Apac Reit Sell 3 Toh Tuck Link

AA REIT Manager Announces Sale of Property for $24.388 Million

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The manager of AIMS APAC REIT (AA REIT), one of Asia’s leading REITs, has announced that its trustee, HSBC Institutional Trust Services (Singapore) Limited, has entered into a sales and purchase agreement with Crown Worldwide for the divestment of its property located at 3 Toh Tuck Link.

This sale marks a significant milestone for AA REIT as the sale consideration of $24.388 million represents a 32.5% premium to the property’s valuation of $18.4 million as at March 31. The property comprises a three-storey factory and a five-storey ancillary office building with a total gross floor area of 12,492.4 sqm.

The divestment of this property is in line with AA REIT’s proactive asset management strategy and its continuous efforts towards portfolio rejuvenation. The net proceeds from the sale are expected to be reinvested in supporting AA REIT’s various growth initiatives, such as potential new acquisitions, asset enhancement initiatives, or future redevelopment projects.

According to Russell Ng, CEO of the manager, this divestment is a testament to its commitment to delivering long-term sustainable returns for unitholders, as well as strengthening AA REIT’s resiliency. The completion of the divestment is expected to take place in the first half of 2025, subject to JTC Corporation’s approval.

Following the divestment, AA REIT’s portfolio will consist of 27 properties across Singapore and Australia. This move further solidifies AA REIT’s position as a leading player in the regional REIT market.