Vibrant enters into sale and leaseback for Jurong Island property

Singapore

VIBRANT Group's 51 per cent owned subsidiary, LTH Logistics (Singapore), has entered a conditional put-and-call option agreement with SGRE Banyan for the proposed sale and leaseback of a Jurong Island property and related mechanical and electrical equipment, with a sale consideration of S$227.5 million, the group announced on Tuesday night.

CBRE, which brokered the deal, said this would mark Jurong Island's first sale-and-leaseback transaction and first securitised asset.

The property at 121 Banyan Drive comprises two plots of land with a six-storey ramp-up warehouse facility with ancillary offices, two blocks of single-storey warehouse facilities and an open yard. It is used by LTH Logistics for its log…