ESR-LOGOS REIT (E-LOG) has entered into a contract of sale to divest 2 Tuas South Avenue 2 for $53.0 million.
The consideration represents a premium of 35.2% above the property’s valuation of $39.2 million as at Aug 31.
The property is a general industrial building within the Tuas Industrial Estate and is zoned for “Business 2” under the master plan in 2019. The property has a 60-year lease that expires on Jan 3, 2059 and has a net lettable area (NLA) of 20,193 sqm (217,355.64 sq ft).
Upon the completion of the divestment, E-LOG will have 75 properties (excluding 48 Pandan Road) located across Singapore, Japan and Australia, as well as investments in three property funds in Australia. The divestment is expected to be completed in 4Q2023 and is subject to JTC Corporation’s approval.
Units in E-LOG closed at 28 cents on Sept 29.
