The Business Times

ESR-Logos Reit bags master lease at 35% higher rental

Mia Pei

Mia Pei

Published Thu, Jan 25, 2024 · 08:22 AM
    • ESR-Reit's general industrial property at 120 Pioneer Road. The master lease with PharmaGend Global Medical Services at 3 Tuas South Ave 4 extends the Reit’s weighted average lease expiry to 3.5 years.
    • ESR-Reit's general industrial property at 120 Pioneer Road. The master lease with PharmaGend Global Medical Services at 3 Tuas South Ave 4 extends the Reit’s weighted average lease expiry to 3.5 years. PHOTO: ESR-LOGOS REIT

    ESR-LOGOS Reit has signed a master lease with PharmaGend Global Medical Services. The rental is an increase of more than 35 per cent, as compared to the previous lease.

    The lease represents about 1 per cent of the real estate investment trust’s (Reit) portfolio rental income as at end-September 2023, said the Reit manager on Thursday (Jan 25).

    The 20-year lease also extends the Reit’s weighted average lease expiry to 3.5 years from 3.4 years. The pharmaceutical company is located at 3 Tuas South Ave 4.

    Adrian Chui, chief executive officer and executive director of the manager, said: “The agreement not only signifies the longevity of our commitment, but also highlights the confidence our valued tenants have in our ability to provide an environment which is conducive to their innovation and business growth.”

    Units of ESR-Logos Reit closed flat at S$0.32 on Wednesday.

    ESR-Logos Reit

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