First Reit to divest The Lentor Residence for S$14.2 million

[SINGAPORE] First Reit is divesting The Lentor Residence, a nursing home at 51 Lentor Avenue, for S$14.2 million.

The sale consideration is lower than the fair value of S$14.3 million assessed as at Dec 31, 2025, the Reit’s manager said in a bourse filing on Friday (Nov 13).

The Lentor Residence Property is a five-storey nursing home with services that include 24-hour nursing care and a physiotherapy facility.

The manager said that the sale is in line with ongoing efforts to optimise the Reit’s portfolio.

“The sale is expected to strengthen First Reit’s cash position and financial flexibility, generating net proceeds of approximately S$13.94 million,” it added.

Had the divestment been completed on Jan 1, 2025, First Reit’s pro forma net property income for FY 2025 would have been S$1.6 million lower; its distribution per unit would have fallen by S$0.08.

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The sale is expected to be completed by June 2027.

Victor Tan, executive director and CEO of the manager, said: “With the existing lease of the Lentor Residence property due to expire in June 2027, the sale provides an opportunity to realise value from a mature asset and support the ongoing strategic review.”

Units of First Reit closed 0.6 per cent lower at S$0.174 on Friday, before the announcement.