AMP Capital's proposed sale to partner managing AA Reit did not take place on Feb 28

COMPLETION of the proposed sale of AMP Capital's 50 per cent interest in the management entities of AIMS AMP Capital Industrial Reit (AA Reit) to AIMS Financial Group did not take place on the expected date of Feb 28 as previously announced.

This was revealed in a regulatory filing to the Singapore Exchange on Friday evening by the Reit Manager, AIMS AMP Capital Industrial REIT Management.

The Manager had requested for a trading halt in AA Reit at about 9.40am on Friday, pending the release of an announcement.

In its Friday evening announcement, the Reit Manager said that it understands that there is disagreement between AIMS Financial Group and AMP Capital arising from the transaction. "There is no certainty that the transaction will proceed. The Manager continues to run its business and operations normally and does not expect the current status of this matter to have any material impact on AA REIT's operations for the current financial year ending Mar 31, 2019."

The Manager will make appropriate announcements when there are material developments on this matter, it added.

"In the meantime, unitholders are advised to act with caution when dealing in the units of AA REIT."

The counter last traded on Friday morning at S$1.40 prior to the trading halt.

The proposed sale, first announced last November, would have given AIMS Financial Group full ownership of the management entities of AA Reit.

Completion of the deal would have also paved the way for AIMS Financial Group to buy AMP Capital's 10.26 per cent stake in the units of AA Reit, taking AIMS Financial Group's stake in the Reit to 17.88 per cent.