Vibrant's S$227.5 million Jurong Island deal to be completed on May 10

MAINBOARD-LISTED logistics player Vibrant Group's sale-and-leaseback deal for a Jurong Island warehouse facility has kicked in, and is expected to go through on May 10.

The board confirmed that buyer SGRE Banyan exercised its call option with Vibrant's 51 per cent-owned LTH Logistics (Singapore) subsidiary on Monday.

Both parties are now in a binding purchase contract with S$227.5 million for the 121 Banyan Drive property, which is the first sale-and-leaseback transaction on Jurong Island.

Vibrant shed 0.6 Singapore cent, or 4.38 per cent, to S$0.131, before the news.