Aims Apac Reit’s plan to acquire Sime Darby Business Centre falls through

AIMS Apac Reit’s manager announced on Monday (Jul 4) in a bourse filing that its plan to acquire the property along 315 Alexandra Road — Sime Darby Business Centre — has fallen through.

Both the purchaser and vendor will not be going through with the deal as “renegotiation of the principal terms and conditions of the acquisition were not concluded”, said the real estate investment trust’s (Reit) manager, hence necessary regulatory approvals were not obtained by the target date of Jul 1.

Additionally, since the option agreement to purchase the property has lapsed, the Reit will be entitled to a refund of the S$1.02 million option fee it paid earlier, said the manager in the update.

The facility is anchored by Sime Darby Property Singapore Limited, a wholly-owned unit of Malaysian property developer Sime Darby Property Berhad. Aims Apac Reit had in January 2021 announced plans to acquire the premium showroom and business-space precinct along Alexandra Road for S$106.6 million.

Units of Aims Apac Reit closed flat at S$1.35 on Friday.