ESR-Logos Reit’s manager must justify decision to sell assets below valuation
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MIGHT ESR-Logos Reit be in financial distress that it needs to be selling assets at a loss?
In late-June, the trust said it is selling seven industrial properties in Singapore and Australia for about S$337 million in total. The proposed sale of assets includes a portfolio of five assets in Singapore, which will be sold for S$313.5 million – a 5.1 per cent discount to the portfolio’s latest valuation of S$330.4 million.
As part of the above proposed divestment, ESR-Logos Reit will provide net property income support for 36 months at an estimated cost of S$4.8 million.
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