A-Reit to sell logistics facility near Shanghai for S$26m
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Singapore
THE manager of Ascendas Real Estate Investment Trust (A-Reit) on Thursday said the trust has agreed to sell A-Reit Jiashan Logistics Centre in China for S$26 million. This would translate to a gain of S$5.1 million over the total development cost. The centre, located near Shanghai, was sold to Goodman Developments Asia and GCLP Developments No 3 (BVI) Limited.
"This will further strengthen our resources to look at other opportunities in Singapore, Australia and China," said Chia Nam Toon, chief executive officer of the manager. If the proceeds from the proposed divestment were used to repay A-Reit's debts as at March 31, 2016, the trust's aggregate leverage will be reduced by about 0.2 per cent.
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