Corporate digest

Elite Commercial Reit

ELITE Commercial Reit said its lease for Tomlinson House in Blackpool Norcross Lane to the United Kingdom's Ministry of Defence will now run till March 2028, after the lease break option occurring in March 2023 had been removed.

This, noted the Reit, furnished income visibility for the next 6 years from March 2022 as well as further upside from its built-in inflation-linked rental escalation from April 2023.

Elite Commercial Reit has, however, been notified that the UK's Department for Work and Pensions will exercise the lease break options for 7 out of 8 remaining properties in March 2023. Altogether, break options exercised by the Department for Work and Pensions for the 8 properties, including the one earlier announced in March, represent 4.8 per cent of the FY 2022 contractual rent for Elite Commercial Reit.

Earlier, it was announced by the Reit that 108 out of 117 assets occupied by the Department for Work and Pensions with a March 2023 lease break clause had been removed.

Oxley Holdings

A UNIT of Oxley Holdings has entered into an agreement to settle all disputes with the previous main contractor for a project it developed in Cambodia.

The company had filed claims over alleged breaches of Sino Great Wall International Engineering's obligations for the project named The Peak, while itself also faced counterclaims in arbitration and legal proceedings.

While it is settling its disputes with the Sino Great Wall International Engineering, the terms are not disclosed.