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Ascendas Reit takes legal action against two of its contractors
ASCENDAS Funds Management, the manager of Ascendas Real Estate Investment Trust (A-Reit), said on Wednesday that the Reit's trustee, HSBC Institutional Trust Services, has started court and arbitration proceedings against two of A-Reit's contractors - A@risco Services and Concorde Security.
A@risco and Concorde claim that A-Reit owes them S$3.6 million and S$1.8 million respectively, for services purportedly rendered by them to A-Reit. These sums are in dispute and the legal proceedings are to determine the total amounts payable by A-Reit.
As part of the legal proceedings, A-Reit is also seeking damages of S$460,000 from A@risco, for certain works done by the contractor, among other matters.
A-Reit's manager does not expect these legal actions to have a material impact on the earnings of A-Reit.