ESR-Reit to buy warehouse, enhance 2 assets and raise funds
It will invest S$38.6m to fund purchase of warehouse, S$45.7m to spruce up assets and sell units to raise up to S$150m
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Fiona Lam
Singapore
ESR-REIT opened the new week by unveiling a slew of initiatives: It will acquire a warehouse for S$225 million under a newly formed joint venture (JV) and undertake asset enhancement initiatives (AEIs) at two of its existing assets; it will also raise up to S$150 million in an equity fundraising to finance these transactions and to service existing debt.
The mainboard-listed real estate investment trust's (Reit) manager said in a filing on Monday that the warehouse acquisition will be made through PTC Logistics Hub, a limited liability partnership (LLP) in Singapore. ESR-Reit holds 49 per cent of the partnership interests in the joint-venture, and third-party logistics firm Poh Tiong Choon Logistics (PTCL), the other 51 per cent.
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