Soilbuild REIT receives $11.8 mil bank guarantee

SINGAPORE (May 26): After a week-long legal tussle with Technics Oil & Gas, Soilbuild Business Space REIT (SBREIT) has announced on Thursday that the High Court of Singapore has dismissed the summons for injunction from Technics Offshore Engineering and Technics Oil & Gas on 24 May 2016.

To recap, SBREIT launched a legal lawsuit against local offshore solutions provider Technics Oil & Gas, the guarantor for a tenancy held by Technics Offshore Engineering, for a default in payment of rent, last Thursday on 19 May.

In return, Technics filed a writ of summons and injunction against SBREIT a day later claiming “unlawful conspiracy regarding the sale and leaseback transaction of 72 Loyang Way”, which SBREIT CEO RoyTeo said on May 20 that the company “denies the claims and intends to vigorously defend against the claims”.

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