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Soilbuild Reit tenant put under judicial management

SOILBUILD Business Space Reit tenant NK Ingredients, which owes almost S$3.4 million to the real estate investment trust, has been put under judicial management, said the Reit's manager in a filing on Tuesday.

The property in question is located at 2, Pioneer Sector 1. As at Aug 20, NK Ingredients owes S$3,390,262.14 to Soilbuild Reit, including August 2019 rental charges, property tax and land rent. This has exceeded the security deposit by S$834,923.64, said Soilbuild Reit.

On Tuesday, another creditor's application for the appointment of a judicial manager over NK Ingredients was heard in court.

Soilbuild Reit said it supported the application "as it was of the view that a judicial management of NK Ingredients could potentially facilitate a better realisation of NK Ingredient's assets as compared to a liquidation of NK Ingredients".

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In support of the application, Soilbuild Reit indicated that if a judicial manager was appointed, it was prepared to defer payment of NK Ingredients' rent for a period of two months subject to certain conditions being met, to assist the management of NK Ingredients' cashflow.

The judicial management application was granted, with Yit Chee Wah of FTI Consulting (Singapore) appointed as judicial manager.